The Texas Windstorm Insurance Association (TWIA) was established by the Texas Legislature in 1971 in response to regional market conditions following Hurricane Celia in August 1970. TWIA's purpose is to provide windstorm and hail insurance in the Texas seacoast. TWIA is governed by Chapter 2210 of the Insurance Code (Chapter 2210).
TWIA is a residual insurer of last resort and is not a direct competitor in the voluntary insurance market. TWIA provides coverage to residential and commercial properties in certain designated portions of the Texas seacoast territory. The designated catastrophe area is that portion of the seacoast territory where the Commissioner of Insurance has found that windstorm and hail insurance is not reasonably available.
TWIA is an insurance company that collects premiums, issues and services policies, and pays covered losses. Chapter 2210 outlines the funding structure TWIA must use to pay insured losses and operating expenses of the Association. TWIA is required by law to transfer its net gains from operations each year into the Catastrophe Reserve Trust Fund (CRTF), an account maintained by the Texas Comptroller dedicated to the payment of future TWIA catastrophe losses. – less
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$42,346 per year