CORPUS CHRISTI, Texas — The United Corpus Christi Chamber of Commerce, along with area chambers of commerce, hosted a victory celebration of sorts Tuesday morning.
The gathering focused on two pieces of legislation, Senate Bill 1448 and House Bill 769. The chambers were joined by members of our Texas Legislative Delegation at the Solomon P. Ortiz Center to give an update on changes made to the Texas Windstorm Insurance Association.
Senate Bill 1448 requires a two-thirds vote of the TWIA board for any rate increase. It also reauthorizes an interim study of TWIA rates.
House Bill 769 says TWIA's board can't hold votes when there are vacancies on the board. HB 769 also prevents insurance brokers from advising TWIA on catastrophic models. Those so-called "CAT" models are computer simulations of catastrophic events that are used to estimate the amount of loss from those events.
State Representative Todd Hunter, who was instrumental in authoring some of this legislation, says while there is reason to celebrate, there is also reason to remain vigilant.
"So great success for the Coastal Bend, great success on rate control but when you deal with TWIA it's never over."
Some of these legislative session have already gone into effect, others go into effect in September.
