TWIA Taken Over By Texas Insurance Commissioner's Ruling
A special hearing has been set this Friday regarding Texas Windstorm Insurance Association (TWIA) Hurricane Ike litigation following TWIA being placed under administrative oversight. The Texas Department of Insurance has the power to place TWIA under its control during a time of crisis. Apparently, new information provided to the Department of Insurance lead to the finding that TWIA is in a condition hazardous to the public or to its policyholders.
TWIA has been subject to various criticisms since Hurricane Ike. For example, I mentioned claims criticisms in TWIA Receives Litigation, Media and Regulatory Critical Analysis for the Manner it Treats Customers During Adjustment. I don't think these are the types of concerns that led the Texas Insurance Commissioner to take over TWIA.
TWIA has now lost all of its executives. It will be interesting to learn why they were fired or left.
