The document provides an overview and statistical information from the Texas Windstorm Insurance Association (TWIA) for the quarter ending September 30, 2013. Some key points:
- TWIA was created in 1971 to provide windstorm and hail coverage to those unable to obtain insurance in the voluntary market, especially along the Texas Gulf Coast.
- It provides coverage in 14 coastal counties and parts of Harris County near the coast. The top 3 counties by insured value are Galveston, Brazoria, and Nueces.
- All property insurers in Texas must be members of TWIA. Losses are initially paid by premiums/revenue, then the Catastrophe Reserve Trust Fund if needed.
Allstate's catastrophe reinsurance program for property and casualty business provides coverage for catastrophes including hurricanes, earthquakes, wildfires and more. The $660 million program places coverage through several agreements, including coverage for specific states and regions, wildfires following earthquakes in California, and aggregate excess losses nationwide. Coverage is placed with reinsurers rated A or better to provide customers protection while achieving an acceptable return.
This document summarizes Allstate's catastrophe reinsurance program for 2007-2008. The program includes several agreements to provide coverage for losses from named storms, earthquakes, and fires following earthquakes. It covers Allstate's personal property business nationwide except for Florida, which has separate coverage. The total estimated annual cost is $900 million, an increase from prior years due to additional Florida coverage and a new Northeast agreement.
allstate Quarterly Investor Information Reinsurance Update2006 4th finance7
This document summarizes Allstate's catastrophe reinsurance program for the 2007-2008 period. The program provides over $4 billion in total coverage for named storms, earthquakes, and fires across multiple regions. It includes aggregate excess coverage of $2 billion nationwide excluding Florida, as well as specific coverage for California fires, the Southeast, New Jersey, Texas, Connecticut, New York, and Kentucky. The total estimated annual cost is $770 million, down from $800 million the prior year.
The document summarizes the current state of the U.S. economy, housing market, and mortgage industry. It finds that while economic growth is positive, it is weak, and employment and consumer inflation are concerns. The housing market is stabilizing in many metro areas as excess supply declines and affordability rises, though prices remain depressed. Subprime lending disproportionately impacted African American homeownership rates, though rates have remained steady overall. Improving affordability will be key to sustaining the market's recovery.
1) Local governments need effective financial systems to manage disaster relief funds and ensure accountability. When disasters strike, financial managers must track eligible costs, handle multi-year reporting, and allocate funds across projects to receive reimbursement.
2) The document provides an overview of historical disaster costs and funding sources. It describes the Public Assistance Grant program and requirements for tracking, documenting, and reporting costs according to grant guidelines.
3) An effective financial management system should facilitate cost tracking, multi-year reporting, allocation management, labor distribution, and customized reporting to help financial managers meet grant requirements and account for funds after disasters. It should also allow remote data access in case offices are damaged.
allstate Quarter Information Reinsurance Update finance7
Allstate's catastrophe reinsurance program for property and casualty business provides coverage for catastrophes including hurricanes, earthquakes, wildfires and more. The $660 million program places coverage through several agreements, including coverage for specific states and regions, aggregate excess losses nationwide, and Florida agreements coordinated with the state hurricane fund. The reinsurance costs are estimated to decrease by $260 million compared to the prior year.
Allstate's catastrophe reinsurance program for property and casualty business provides coverage for catastrophes including hurricanes, earthquakes, wildfires and more. The $660 million program places coverage through several agreements, including coverage for specific states and regions, wildfires following earthquakes in California, and aggregate excess losses nationwide. Coverage is placed with reinsurers rated A or better to provide customers protection while achieving an acceptable return.
This document summarizes Allstate's catastrophe reinsurance program for 2007-2008. The program includes several agreements to provide coverage for losses from named storms, earthquakes, and fires following earthquakes. It covers Allstate's personal property business nationwide except for Florida, which has separate coverage. The total estimated annual cost is $900 million, an increase from prior years due to additional Florida coverage and a new Northeast agreement.
allstate Quarterly Investor Information Reinsurance Update2006 4th finance7
This document summarizes Allstate's catastrophe reinsurance program for the 2007-2008 period. The program provides over $4 billion in total coverage for named storms, earthquakes, and fires across multiple regions. It includes aggregate excess coverage of $2 billion nationwide excluding Florida, as well as specific coverage for California fires, the Southeast, New Jersey, Texas, Connecticut, New York, and Kentucky. The total estimated annual cost is $770 million, down from $800 million the prior year.
The document summarizes the current state of the U.S. economy, housing market, and mortgage industry. It finds that while economic growth is positive, it is weak, and employment and consumer inflation are concerns. The housing market is stabilizing in many metro areas as excess supply declines and affordability rises, though prices remain depressed. Subprime lending disproportionately impacted African American homeownership rates, though rates have remained steady overall. Improving affordability will be key to sustaining the market's recovery.
1) Local governments need effective financial systems to manage disaster relief funds and ensure accountability. When disasters strike, financial managers must track eligible costs, handle multi-year reporting, and allocate funds across projects to receive reimbursement.
2) The document provides an overview of historical disaster costs and funding sources. It describes the Public Assistance Grant program and requirements for tracking, documenting, and reporting costs according to grant guidelines.
3) An effective financial management system should facilitate cost tracking, multi-year reporting, allocation management, labor distribution, and customized reporting to help financial managers meet grant requirements and account for funds after disasters. It should also allow remote data access in case offices are damaged.
allstate Quarter Information Reinsurance Update finance7
Allstate's catastrophe reinsurance program for property and casualty business provides coverage for catastrophes including hurricanes, earthquakes, wildfires and more. The $660 million program places coverage through several agreements, including coverage for specific states and regions, aggregate excess losses nationwide, and Florida agreements coordinated with the state hurricane fund. The reinsurance costs are estimated to decrease by $260 million compared to the prior year.
Port Aransas Chamber of Commerce Responsecaller-times
The Port Aransas Chamber of Commerce submitted comments regarding the Texas Department of Insurance's draft rules on TWIA premium surcharges. The letter emphasizes that the proposed rules will adversely impact coastal policyholders who are already facing annual TWIA increases of 5% as well as potential rate hikes from flood insurance. Coastal residents will bear additional costs through bond repayments for decades following a major hurricane when they are still recovering from storm damage. The letter urges exploring alternative funding sources or spreading costs statewide rather than discriminating against the coastal economy. It expresses hope that pending TWIA litigation and losses from prior events will be assessed to member companies under existing law.
The effects of tornadoes, hurricanes, earthquakes, and tsunamis and the economics of recovery and safety. A saferoom in described with costs, construction guidelines and funding options.
allstate Quarter Information 2007 4th Reinsurance Update finance7
This document summarizes Allstate's catastrophe reinsurance program for personal lines that will be effective from June 1, 2008 to May 31, 2009. The program provides reinsurance protection from catastrophes like storms, wildfires, earthquakes, and fires following earthquakes. It coordinates coverage under various agreements that insure losses in specific states and regions. The program is designed to provide shareholders an acceptable return while protecting customers from catastrophe losses.
This document discusses different types of home insurance policies in Texas. It notes that homeowners policies do not cover flood or wind damage, which require separate policies. It describes the National Flood Insurance Program and Texas Windstorm Insurance Association as providers of flood and wind/hail policies. The document also briefly mentions earthquake and umbrella liability insurance available to Texas homeowners.
Top 10 Actions a CIO Can Take to Prepare for a HurricaneBillatDell
Plan for the worst, hope for the best
An active hurricane season imposes an unwelcome set of additional challenges for businesses and executives. Immediate concerns include the safety and security of employees, as well as the prevention of damage to physical facilities. However, CIOs must also be prepared to successfully overcome the challenge of maintaining business continuity in the event of a hurricane. Short and long-term impacts on customers, suppliers, partners, and employees can arise if communications and critical IT systems are lost or down for even a short period of time as the result of a storm.
Business continuity and business viability are closely linked. In the days and months following these recent devastating hurricanes, a handful of businesses fared much better than average. These companies had a combination of the right disaster recovery program in place and had technology solutions to maintain contact with their employees, customers, vendors, and ‘the outside world’. They executed strategies with built-in flexibility to swiftly react to situations and ultimately provided excellent resilience for their organizations. While many companies struggled for months to bring their operations and staff back to capacity, these organizations remained open for business, quickly relocated staff, maintained effective internal & external communications and were able to maintain operations without a devastating financial impact.
PWPPI_issue-brief_2014-15edition_template-REV4Lisa Marie
- Congress is currently debating the renewal of the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014. TRIA establishes a public-private partnership to provide terrorism risk insurance.
- Renewing TRIA would limit the amount of disaster relief provided by the federal government after a terrorist attack. The Senate and House proposals for renewing TRIA differ in aspects like insurers' deductibles, coinsurance amounts, and the amounts recouped from policyholders.
- Analyzing different terrorist attack scenarios, the authors examine how economic losses would be shared between commercial policyholders, insurers, and taxpayers under the current TRIA program versus the alternative Senate and House proposals. This
Water Laws: Flood Litigation - Howard SlobodinTWCA
This document summarizes key aspects of sovereign immunity and inverse condemnation in Texas. It discusses that governmental entities have sovereign immunity from lawsuits unless immunity is expressly waived. Inverse condemnation can waive immunity for certain intentional governmental acts that damage private property for public use without compensation. To establish a valid inverse condemnation claim, a plaintiff must prove an intentional governmental act was the proximate cause of property being taken or damaged for public use. The document reviews case examples where claims failed or succeeded in establishing these required elements.
TINA CALILUNG & JAMIE KELL vs. Ormat, order on the motion to dismissHonolulu Civil Beat
This document is an order from a United States District Court regarding a qui tam action brought under the False Claims Act against Ormat Industries and related entities. The relators, former Ormat employees, allege that Ormat fraudulently received around $136.8 million in grant money from the US government under Section 1603 of the American Recovery and Reinvestment Act of 2009 by submitting false information to the Treasury Secretary. The order discusses the background of the case and pending motions, including Ormat's motion to dismiss and the relators' motion for leave to file a surreply to the motion to dismiss.
Steven Jay Hamrick is an experienced attorney who has provided legal services to businesses for over 20 years in areas such as mergers and acquisitions, litigation, contracts, employment, and regulatory compliance. He has represented both large corporations and startups in industries including energy, telecommunications, and technology. Hamrick obtained favorable settlements for clients in high-stakes legal matters and guided companies through complex regulatory processes involving licenses valued in the millions and billions of dollars.
Disaster Declaration, Part 2 Instructions!!!Explore the resour.docxsalmonpybus
Disaster Declaration, Part 2 Instructions!!!
Explore the resources within the Preparedness (Non-Disaster) Grants section on the Federal Emergency Management Agency (FEMA) website.
Imagine the disaster declaration request you submitted in Week Four has been denied. (this letter/Assignment is on the next page below, please review and write paper based off the letter assignment below)
Select one of the following scenarios.
1. The president has denied your request for a Major Disaster Declaration stating that the letter and backup documentation failed to prove that the state meets the threshold for damage that is required to grant a disaster declaration request. There are rumors that the Republican president has been in a political battle with your Democratic governor and congressional representatives.
2. The president has denied your request for a Major Disaster Declaration because the FEMA regional administrator's summary and recommendation stated that there were multiple discrepancies between what your agency reported as "destroyed" and "major damage" homes and what the FEMA Preliminary Damage Assessments (PDA) are reporting.
3. The president has denied your request for a Major Disaster Declaration because the government's analysis of the disaster indicates that dealing with the disaster is within the capabilities of the state. Although you stated you needed additional resources and you could not handle it, the government feels you can.
Write a 700- to 1,050-word paper that addresses the following in the context of the scenario selected:
· Analyze ethical challenges as they relate to emergency management funding.
· Why are there discrepancies in the report? What may have caused this error and how can the issue be corrected?
· Analyze emerging political and policy changes in relation to a current event.
· What can you do to get the declaration approved? What are the issues, or potential issues, that must be addressed or overcome?
· What can you do to prove your point to gain approval? What is within your capabilities as an emergency manager? Should you appeal the decision?
· Analyze the purpose of the Stafford Act in relation to government responsibilities.
Cite 3 peer-reviewed, scholarly, or similar references to support your paper.
Format your paper according to APA guidelines
Assignment must be written based off this letter here!
Dear Mr. President,
Under the provision of section 401 of the Robert T. Stafford disaster relief and emergency assistance act, 42 U.S.C. 5121 -5207 (Stafford Act), and the implemented by 44 CFT 206.36, I respectfully request you to declare s major disaster authorizing the full suite of individual, public and temporary housing assistance as well as necessary administrative and disaster management expenses, for the state of Florida as a result of the Hurricane Katrina that struck Florida on august 23, 2005.
Due to the scope of the hurricane damage and the associated efforts, the commission tasked with respon.
05/20: Support for House Keystone Pipeline Billartba
The construction industry strongly supports the Northern Route Approval Act, which would allow the Keystone XL pipeline project to move forward without presidential approval. The letter is signed by 15 construction industry associations urging House Speaker Boehner and Minority Leader Pelosi to support the bill. It argues that the pipeline would create over 42,000 jobs and $2 billion in earnings, as well as provide economic and national security benefits. Further delays threaten job growth and U.S.-Canada relations, so the bill aims to expedite permits and court reviews to ensure construction is not needlessly delayed.
A title commitment informs parties involved in a real estate transaction about the status of the property's title. It consists of four schedules: Schedule A outlines basic details like the property address, buyer, and purchase price. Schedule B lists any liens, easements, or other restrictions. Schedule C specifies requirements that must be met before title insurance will be issued. Schedule D discloses officers of the title company and premium amounts. The commitment ensures buyers are aware of any title issues before closing.
This document discusses potential legal liability arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. It outlines various environmental laws that could apply including the Oil Pollution Act, Clean Water Act, Endangered Species Act, and others. It examines which parties may be considered responsible under these statutes, such as BP as operator, Transocean as rig owner, and Halliburton as contractor. The document also reviews elements of liability, available damages, and penalties under these laws, which could total in the billions of dollars depending on whether gross negligence or willful misconduct is found.
This document is an opinion and order from a United States District Court case between Siltronic Corporation and various insurance companies including Employers Insurance Company of Wausau regarding insurance coverage and payment of defense costs for environmental claims arising from contamination at the Portland Harbor Superfund site. The court considers Siltronic's motion for partial summary judgment that Wausau has a continuing duty to defend Siltronic under its 1978-79 insurance policy and must reimburse unpaid defense costs. The court provides background on the insurance policies and contamination issues before analyzing the relevant policy provisions and ruling on the motions.
This document summarizes a recent Quebec court case regarding the restructuring of an insolvent construction company under Canadian insolvency law. The court approved an arrangement allowing for a partial release of claims against the company's surety. This was permitted because the surety's continued participation in providing required bonds was critical to the viability of the company's restructuring plan. While some case law suggests third party releases may not be allowed under insolvency law, the court found the circumstances here distinguishable and the arrangement fair and reasonable given the surety's central role in the plan.
Title insurance industry in the u.s. – market and business opportunity. ver.1.3HarshVardhan1
The title industry generates over $13 billion in annual revenue from conducting real estate transactions. It is highly dependent on real estate markets, which fluctuate with interest rates and the economy. During the housing bubble from 2000 to 2006, industry revenue more than doubled, but fell significantly during the economic downturn from 2007 to 2009. The four largest companies, Fidelity National, First American, Stewart Title, and Old Republic, account for around 90% of the market. An abstract of title chronicles all legal documents pertaining to a property that affect ownership, such as deeds, mortgages, and tax records.
EKEJIJA- NVC FUND-SEC SETTLEMENT SOLUTION
CASE: 2:20-cv-08985-ODW-DFM
Case No.: 2:20-cv-08985-FWS-DFM
Dear John F. Libby,
As requested by Judge Fred W. Slaughter, the undersigned, frank-ojogwa: Ekejija, comes now to submit in good faith for your favorable consideration a graceful workable solution to settle and resolve the above-referenced egregious case (the “Case”), according to the requirement of Rule 1 of the Federal Rules of Civil Procedure (“FRCP”), that “all civil actions and proceedings in the United States district courts … be construed, administered, and employed by the court and the parties to secure the just, speedy, and inexpensive determination of every action and proceeding.”
The purpose of my proposal is to achieve the complete, final, fair, and equitable resolution of all of the financial, civil rights, and reputational damages and other civil claims I am holding against the U.S. Securities and Exchange Commission, an agency of the federal government (the “SEC”), arising out of and suffered in connection with the extreme quantifiable and unquantifiable economic and wrongs, injuries, damages, defamations, prejudices, and injustices done to our companies and me, by the SEC’s egregious, willful, wrongful, meritless, reckless, abusive, and vindictive crusade, undertaken under color of law and constitutes a gross breach of fidelity, over the past 11 years. That the SEC persisted in misusing and abusing its government authority, compounding these many wrongs long after it knew or should have known that its allegations were meritless, and the resulting compounding of its wrongful behavior, and that such conduct exposed the SEC and the federal government to ridicules, substantial financial and other liability, makes the situation even more outrageous.
Notwithstanding the foregoing, I am willing to settle and resolve this matter upon the terms and conditions summarized below. You will see that my proposal satisfies each of the requirements of FRCP Rule 1. Indeed, I am proposing to achieve the intended result by underwriting the financial elements of my claims out of our assets and at no cost to the government. Moreover, the structure and mechanisms of this proposal are eminently fair and reasonable by design and within your authority as a federal judge to implement.
1/08 – Industry Letter Supporting Passage of Keystone XL Pipeline Legislationartba
The document is a letter from 18 construction industry organizations to Congressional leaders expressing strong support for legislation approving the Keystone XL Pipeline. The organizations argue that the pipeline will create over 42,000 American jobs and contribute $2 billion in earnings and $3.4 billion to GDP during construction. Once operational, the pipeline will continue to employ American workers and generate economic activity and tax revenues for local communities. The letter urges Congressional approval of the pipeline to benefit American energy security, consumers and workers without further delay.
J Robert Hunter Antitrust Senate Mc Carran Repeal Health Insurance Testimo...Wayne Rohde
This document is the testimony of J. Robert Hunter, Director of Insurance for the Consumer Federation of America, before the Senate Judiciary Committee regarding prohibiting anticompetitive conduct in the health insurance industry. Hunter argues that the McCarran-Ferguson Act's antitrust exemption for insurers should be repealed to protect consumers from anticompetitive practices. He provides examples of insurers colluding to artificially lower payments and use unfair policy provisions, and argues that repealing the exemption would subject insurers to the same antitrust laws as other industries.
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceable of mortgage loans is all set to start in India with the Introduction of RERA ACT.
Survey of Nueces, San Patricio and Kleberg Countiescaller-times
This survey summarizes public opinions in Nueces, San Patricio, and Kleberg Counties from September 2013. Over 700 residents were surveyed by phone about key issues in their communities. The top issues were the economy/jobs and roads/traffic. Respondents generally felt positive about where they live and work but were less satisfied with local politics and job opportunities for youth. The Eagle Ford Shale development was seen as improving the economy. Views on environmental quality, community health, the bay, and local industries were also assessed.
This document discusses rules regarding a potential premium surcharge that insurers may be required to assess policyholders following a catastrophic event. It specifies that the Texas Windstorm Insurance Association would determine if it has sufficient funds to pay obligations from public securities issued after a catastrophe. If funds are insufficient, the Association can request the Commissioner approve a premium surcharge of a specified percentage to be applied to various types of insurance policies covering property in catastrophe areas.
More Related Content
Similar to Texas Windstorm Insurance Association Overview
Port Aransas Chamber of Commerce Responsecaller-times
The Port Aransas Chamber of Commerce submitted comments regarding the Texas Department of Insurance's draft rules on TWIA premium surcharges. The letter emphasizes that the proposed rules will adversely impact coastal policyholders who are already facing annual TWIA increases of 5% as well as potential rate hikes from flood insurance. Coastal residents will bear additional costs through bond repayments for decades following a major hurricane when they are still recovering from storm damage. The letter urges exploring alternative funding sources or spreading costs statewide rather than discriminating against the coastal economy. It expresses hope that pending TWIA litigation and losses from prior events will be assessed to member companies under existing law.
The effects of tornadoes, hurricanes, earthquakes, and tsunamis and the economics of recovery and safety. A saferoom in described with costs, construction guidelines and funding options.
allstate Quarter Information 2007 4th Reinsurance Update finance7
This document summarizes Allstate's catastrophe reinsurance program for personal lines that will be effective from June 1, 2008 to May 31, 2009. The program provides reinsurance protection from catastrophes like storms, wildfires, earthquakes, and fires following earthquakes. It coordinates coverage under various agreements that insure losses in specific states and regions. The program is designed to provide shareholders an acceptable return while protecting customers from catastrophe losses.
This document discusses different types of home insurance policies in Texas. It notes that homeowners policies do not cover flood or wind damage, which require separate policies. It describes the National Flood Insurance Program and Texas Windstorm Insurance Association as providers of flood and wind/hail policies. The document also briefly mentions earthquake and umbrella liability insurance available to Texas homeowners.
Top 10 Actions a CIO Can Take to Prepare for a HurricaneBillatDell
Plan for the worst, hope for the best
An active hurricane season imposes an unwelcome set of additional challenges for businesses and executives. Immediate concerns include the safety and security of employees, as well as the prevention of damage to physical facilities. However, CIOs must also be prepared to successfully overcome the challenge of maintaining business continuity in the event of a hurricane. Short and long-term impacts on customers, suppliers, partners, and employees can arise if communications and critical IT systems are lost or down for even a short period of time as the result of a storm.
Business continuity and business viability are closely linked. In the days and months following these recent devastating hurricanes, a handful of businesses fared much better than average. These companies had a combination of the right disaster recovery program in place and had technology solutions to maintain contact with their employees, customers, vendors, and ‘the outside world’. They executed strategies with built-in flexibility to swiftly react to situations and ultimately provided excellent resilience for their organizations. While many companies struggled for months to bring their operations and staff back to capacity, these organizations remained open for business, quickly relocated staff, maintained effective internal & external communications and were able to maintain operations without a devastating financial impact.
PWPPI_issue-brief_2014-15edition_template-REV4Lisa Marie
- Congress is currently debating the renewal of the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014. TRIA establishes a public-private partnership to provide terrorism risk insurance.
- Renewing TRIA would limit the amount of disaster relief provided by the federal government after a terrorist attack. The Senate and House proposals for renewing TRIA differ in aspects like insurers' deductibles, coinsurance amounts, and the amounts recouped from policyholders.
- Analyzing different terrorist attack scenarios, the authors examine how economic losses would be shared between commercial policyholders, insurers, and taxpayers under the current TRIA program versus the alternative Senate and House proposals. This
Water Laws: Flood Litigation - Howard SlobodinTWCA
This document summarizes key aspects of sovereign immunity and inverse condemnation in Texas. It discusses that governmental entities have sovereign immunity from lawsuits unless immunity is expressly waived. Inverse condemnation can waive immunity for certain intentional governmental acts that damage private property for public use without compensation. To establish a valid inverse condemnation claim, a plaintiff must prove an intentional governmental act was the proximate cause of property being taken or damaged for public use. The document reviews case examples where claims failed or succeeded in establishing these required elements.
TINA CALILUNG & JAMIE KELL vs. Ormat, order on the motion to dismissHonolulu Civil Beat
This document is an order from a United States District Court regarding a qui tam action brought under the False Claims Act against Ormat Industries and related entities. The relators, former Ormat employees, allege that Ormat fraudulently received around $136.8 million in grant money from the US government under Section 1603 of the American Recovery and Reinvestment Act of 2009 by submitting false information to the Treasury Secretary. The order discusses the background of the case and pending motions, including Ormat's motion to dismiss and the relators' motion for leave to file a surreply to the motion to dismiss.
Steven Jay Hamrick is an experienced attorney who has provided legal services to businesses for over 20 years in areas such as mergers and acquisitions, litigation, contracts, employment, and regulatory compliance. He has represented both large corporations and startups in industries including energy, telecommunications, and technology. Hamrick obtained favorable settlements for clients in high-stakes legal matters and guided companies through complex regulatory processes involving licenses valued in the millions and billions of dollars.
Disaster Declaration, Part 2 Instructions!!!Explore the resour.docxsalmonpybus
Disaster Declaration, Part 2 Instructions!!!
Explore the resources within the Preparedness (Non-Disaster) Grants section on the Federal Emergency Management Agency (FEMA) website.
Imagine the disaster declaration request you submitted in Week Four has been denied. (this letter/Assignment is on the next page below, please review and write paper based off the letter assignment below)
Select one of the following scenarios.
1. The president has denied your request for a Major Disaster Declaration stating that the letter and backup documentation failed to prove that the state meets the threshold for damage that is required to grant a disaster declaration request. There are rumors that the Republican president has been in a political battle with your Democratic governor and congressional representatives.
2. The president has denied your request for a Major Disaster Declaration because the FEMA regional administrator's summary and recommendation stated that there were multiple discrepancies between what your agency reported as "destroyed" and "major damage" homes and what the FEMA Preliminary Damage Assessments (PDA) are reporting.
3. The president has denied your request for a Major Disaster Declaration because the government's analysis of the disaster indicates that dealing with the disaster is within the capabilities of the state. Although you stated you needed additional resources and you could not handle it, the government feels you can.
Write a 700- to 1,050-word paper that addresses the following in the context of the scenario selected:
· Analyze ethical challenges as they relate to emergency management funding.
· Why are there discrepancies in the report? What may have caused this error and how can the issue be corrected?
· Analyze emerging political and policy changes in relation to a current event.
· What can you do to get the declaration approved? What are the issues, or potential issues, that must be addressed or overcome?
· What can you do to prove your point to gain approval? What is within your capabilities as an emergency manager? Should you appeal the decision?
· Analyze the purpose of the Stafford Act in relation to government responsibilities.
Cite 3 peer-reviewed, scholarly, or similar references to support your paper.
Format your paper according to APA guidelines
Assignment must be written based off this letter here!
Dear Mr. President,
Under the provision of section 401 of the Robert T. Stafford disaster relief and emergency assistance act, 42 U.S.C. 5121 -5207 (Stafford Act), and the implemented by 44 CFT 206.36, I respectfully request you to declare s major disaster authorizing the full suite of individual, public and temporary housing assistance as well as necessary administrative and disaster management expenses, for the state of Florida as a result of the Hurricane Katrina that struck Florida on august 23, 2005.
Due to the scope of the hurricane damage and the associated efforts, the commission tasked with respon.
05/20: Support for House Keystone Pipeline Billartba
The construction industry strongly supports the Northern Route Approval Act, which would allow the Keystone XL pipeline project to move forward without presidential approval. The letter is signed by 15 construction industry associations urging House Speaker Boehner and Minority Leader Pelosi to support the bill. It argues that the pipeline would create over 42,000 jobs and $2 billion in earnings, as well as provide economic and national security benefits. Further delays threaten job growth and U.S.-Canada relations, so the bill aims to expedite permits and court reviews to ensure construction is not needlessly delayed.
A title commitment informs parties involved in a real estate transaction about the status of the property's title. It consists of four schedules: Schedule A outlines basic details like the property address, buyer, and purchase price. Schedule B lists any liens, easements, or other restrictions. Schedule C specifies requirements that must be met before title insurance will be issued. Schedule D discloses officers of the title company and premium amounts. The commitment ensures buyers are aware of any title issues before closing.
This document discusses potential legal liability arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. It outlines various environmental laws that could apply including the Oil Pollution Act, Clean Water Act, Endangered Species Act, and others. It examines which parties may be considered responsible under these statutes, such as BP as operator, Transocean as rig owner, and Halliburton as contractor. The document also reviews elements of liability, available damages, and penalties under these laws, which could total in the billions of dollars depending on whether gross negligence or willful misconduct is found.
This document is an opinion and order from a United States District Court case between Siltronic Corporation and various insurance companies including Employers Insurance Company of Wausau regarding insurance coverage and payment of defense costs for environmental claims arising from contamination at the Portland Harbor Superfund site. The court considers Siltronic's motion for partial summary judgment that Wausau has a continuing duty to defend Siltronic under its 1978-79 insurance policy and must reimburse unpaid defense costs. The court provides background on the insurance policies and contamination issues before analyzing the relevant policy provisions and ruling on the motions.
This document summarizes a recent Quebec court case regarding the restructuring of an insolvent construction company under Canadian insolvency law. The court approved an arrangement allowing for a partial release of claims against the company's surety. This was permitted because the surety's continued participation in providing required bonds was critical to the viability of the company's restructuring plan. While some case law suggests third party releases may not be allowed under insolvency law, the court found the circumstances here distinguishable and the arrangement fair and reasonable given the surety's central role in the plan.
Title insurance industry in the u.s. – market and business opportunity. ver.1.3HarshVardhan1
The title industry generates over $13 billion in annual revenue from conducting real estate transactions. It is highly dependent on real estate markets, which fluctuate with interest rates and the economy. During the housing bubble from 2000 to 2006, industry revenue more than doubled, but fell significantly during the economic downturn from 2007 to 2009. The four largest companies, Fidelity National, First American, Stewart Title, and Old Republic, account for around 90% of the market. An abstract of title chronicles all legal documents pertaining to a property that affect ownership, such as deeds, mortgages, and tax records.
EKEJIJA- NVC FUND-SEC SETTLEMENT SOLUTION
CASE: 2:20-cv-08985-ODW-DFM
Case No.: 2:20-cv-08985-FWS-DFM
Dear John F. Libby,
As requested by Judge Fred W. Slaughter, the undersigned, frank-ojogwa: Ekejija, comes now to submit in good faith for your favorable consideration a graceful workable solution to settle and resolve the above-referenced egregious case (the “Case”), according to the requirement of Rule 1 of the Federal Rules of Civil Procedure (“FRCP”), that “all civil actions and proceedings in the United States district courts … be construed, administered, and employed by the court and the parties to secure the just, speedy, and inexpensive determination of every action and proceeding.”
The purpose of my proposal is to achieve the complete, final, fair, and equitable resolution of all of the financial, civil rights, and reputational damages and other civil claims I am holding against the U.S. Securities and Exchange Commission, an agency of the federal government (the “SEC”), arising out of and suffered in connection with the extreme quantifiable and unquantifiable economic and wrongs, injuries, damages, defamations, prejudices, and injustices done to our companies and me, by the SEC’s egregious, willful, wrongful, meritless, reckless, abusive, and vindictive crusade, undertaken under color of law and constitutes a gross breach of fidelity, over the past 11 years. That the SEC persisted in misusing and abusing its government authority, compounding these many wrongs long after it knew or should have known that its allegations were meritless, and the resulting compounding of its wrongful behavior, and that such conduct exposed the SEC and the federal government to ridicules, substantial financial and other liability, makes the situation even more outrageous.
Notwithstanding the foregoing, I am willing to settle and resolve this matter upon the terms and conditions summarized below. You will see that my proposal satisfies each of the requirements of FRCP Rule 1. Indeed, I am proposing to achieve the intended result by underwriting the financial elements of my claims out of our assets and at no cost to the government. Moreover, the structure and mechanisms of this proposal are eminently fair and reasonable by design and within your authority as a federal judge to implement.
1/08 – Industry Letter Supporting Passage of Keystone XL Pipeline Legislationartba
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1. Texas Windstorm Insurance Association
Overview
Prepared by Texas Department of Insurance
October 29, 2013
For Quarter Ending 09/30/2013
2. Table of Contents
I.
Background of Texas Windstorm Insurance Association (TWIA)
Page
A.
4
B.
Coverage Area
5
C.
Top 10 Counties by the Amount of Direct Insurance in Force
for Buildings and Contents (Exhibit A)
6
D.
Member Insurers
7
E.
Loss Payment
7
F.
II.
Creation and Purpose
Assessment History (Prior to Enactment of HB 4409)
8
Hurricane Information
A.
10
B.
III.
Hurricanes Impacting the State of Texas Since 2005 (Exhibits B-F)
Texas Historical Hurricanes 1900 - Present
16
Windstorm Insurance Coverage
A.
Eligibility Requirements
17
B.
Inspection Process Regulations
18
C.
Requirements for Certain Noncompliant Structures
20
D.
Additional Requirements for Certain Noncompliant Structures
21
E.
Building Code Credits (Exhibit G)
22
2
3. Table of Contents (continued)
IV.
TDI’s Windstorm Inspection Program
Page
A.
23
B.
Field Offices & Building Codes (Exhibit H)
24
C.
V.
Overview
Building Code for Windstorm Resistant Construction:
Development, Implementation and Education
25
Operations of TWIA
A.
26
B.
General Information
26
C.
Maximum Limits of Liability
27
D.
Rates
28
E.
Rate Change History
30
F.
Policy Forms
31
G.
VI.
Board of Directors (Board)
Deductible Options
31
Statistical Information
A.
32
B.
Windpool Direct Liability in Force
33
C.
VI.
Exposures, Policies, and Premiums Written
Residential Wind Market Share by County (2010-2012)
34
Funding of Excess TWIA Losses
A.
Funding
35
B.
Catastrophe Reserve Trust Fund (CRTF)
37
3
4. I. Background: The Texas Windstorm Insurance Association (“TWIA”)
A. Creation and Purpose
•
TWIA was created by the Texas Legislature in 1971 to provide windstorm and hail coverage to those who
are unable to obtain insurance from the voluntary insurance market.
•
Until 1997, it was known as the Texas Catastrophe Property Insurance Association.
•
TWIA was created in response to market conditions along the coast after Corpus Christi was hit by
Hurricane Celia in 1970, causing $500 million in losses.
•
The public policy reasons for creating TWIA included ensuring the availability and affordability of
insurance along the Texas Gulf Coast, thereby supporting general economic development of our coastal area
and the State of Texas.
•
The 81st and 82nd Texas Legislatures enacted House Bill (HB) 4409 and HB 3 which changed several aspects
of the TWIA governing statute, including the composition of the board, funding structure, eligibility
requirements, claims processes, and transparency in operations. HB 4409 also specified that TWIA is
intended to serve as a residual insurer of last resort and not function in a manner as to be a competitor in the
private market. HB 4409 became effective in part June 19, 2009. HB 3 became effective in part September
28, 2011.
•
The 83rd Texas Legislature enacted Senate Bill 1702 which modified eligibility requirements for certain
residential structures.
4
5. Background: The Texas Windstorm Insurance Association (“TWIA”)
(continued)
B. Coverage Area
•
First Tier Coastal Counties
TWIA provides windstorm and hail insurance in areas exposed to hurricanes and currently provides
windstorm and hail coverage in the following 14 “first tier” Texas coastal counties:
Aransas
Calhoun
Cameron
Chambers
Galveston
Jefferson
Kenedy
Kleberg
Matagorda
Nueces
Refugio
San Patricio
•
Brazoria
Willacy
Portions of Harris County
TWIA also provides windstorm and hail coverage for risks that are east of State Highway 146 and that are
located in the city limits of certain specifically designated communities in Harris County. These
communities are Pasadena, Morgan’s Point, Shoreacres, Seabrook and La Porte.
Refer to Exhibit A on the next page which reflects TWIA’s primary exposures by county.
5
6. Background: The Texas Windstorm Insurance Association (TWIA)
(continued)
Exhibit A
C. Top 10 Counties by the Amount of Direct Insurance in Force for Building and Contents
Chambers
2%
Aransas
3%
Matagorda
2%
Harris
1%
Others
2%
Direct Insurance In Force
(Building & Contents)
Galveston
$22,876,670,999
Brazoria
$14,760,829,939
Nueces
$13,635,306,145
Jefferson
$9,203,889,499
Cameron
$5,088,782,218
San Patricio
$2,338,986,778
Aransas
$2,240,611,363
Chambers
$1,805,709,909
Matagorda
$1,221,280,318
Harris
$1,087,318,255
Others
$1,583,334,601
San Patricio
3%
Cameron
7%
Galveston
30%
Jefferson
12%
Brazoria
20%
Total
Nueces
18%
Data Source: Quarterly Liability Report as of September 30, 2013
from Texas Windstorm Insurance Association
6
Other Detail:
Calhoun
Kleberg
Willacy
Refugio
Kenedy
Sub-total
$75,842,720,024
$1,006,399,983
$335,636,152
$123,153,275
$108,937,677
$9,207,514
$1,583,334,601
7. Background: The Texas Windstorm Insurance Association (“TWIA”)
(continued)
D. Member Insurers
TWIA issues insurance policies like an insurance company; however, it also functions as a pooling
mechanism.
•
All property insurers licensed in Texas are required to become TWIA members as a condition of doing
business in the State.
•
An insurer that becomes a member that was not previously a member is not subject to participation in
insured losses and operating expenses until the second anniversary of the date on which the insurer first
becomes a member.
E. Loss Payment
Losses covered under TWIA policies are paid by premium and other revenue.
TWIA losses in excess of premium and other revenue are paid by the Catastrophe Reserve Trust Fund (CRTF),
available reinsurance and public securities. (refer to page 35 for a detailed description of TWIA’s funding)
7
8. Background: The Texas Windstorm Insurance Association (“TWIA”)
(continued)
F. Assessment History (Prior to Enactment of HB 4409)
TWIA has made four assessments to its member insurers to pay for excess losses resulting from a major loss
event.
An assessment of $157 million to member insurers to pay for excess losses resulting from Hurricane
Alicia, which struck Galveston Island in 1983. $57 million of the assessment was subject to
premium tax credits based on the statutory funding structure at the time.
An assessment of $100 million to member insurers to pay for excess losses resulting from Hurricane
Rita, which struck the upper Texas coast in 2005 causing major damage in Jefferson, Chambers, and
Galveston counties.
Corresponding assessments for each insurer group for the $100 million assessed, ranged from
$2,954 to $14,798,886.
An assessment of $100 million to member insurers to pay for excess losses resulting from Hurricane
Dolly, which struck the lower Texas coast in July of 2008 causing major damage in Cameron and
Willacy counties.
Corresponding assessments for each insurer group for the $100 million assessed, ranged from
$500 to $13,761,000.
8
9. Background: The Texas Windstorm Insurance Association (“TWIA”)
(continued)
An assessment of $430 million to member insurers to pay for excess losses resulting from Hurricane
Ike, which struck the Texas coast in September of 2008 causing major damage in Brazoria, Chambers,
Galveston, Harris, Jefferson, and Matagorda counties. $230 million of the assessment is subject to
premium tax credits based on the statutory funding structure in place prior to HB 4409.
Corresponding assessments for each insurer group for $200 million of the assessed amount,
ranged from $2,000 to $30,484,000.
Corresponding assessments for each insurer group for the remaining $230 million of the
assessed amount, ranged from $2,300 to $35,056,600.
9
10. II. Hurricane Information
A. Hurricanes Impacting the State of Texas Since 2005
Exhibit B reflects the path of Hurricane Rita on September 24, 2005.
Exhibit C reflects the path of Hurricane Humberto on September 13, 2007.
Exhibit D reflects the path of Hurricane Dolly on July 23, 2008.
Exhibit E reflects the path of Hurricane Ike on September 13, 2008.
Exhibit F reflects the path of Hurricane Alex on June 30, 2010.
10
11. Path of Hurricane Rita – September 24, 2005
Exhibit B
Hurricane Rita made landfall between Sabine Pass, Texas and Johnsons Bayou, Louisiana on
September 24, 2005, as a Category 3 hurricane with winds at 115 mph. Reported losses and loss
adjustment expenses for Texas Windstorm Insurance Association were approximately
$160,000,000.
Source: Texas Windstorm Insurance Association
11
12. Path of Hurricane Humberto – September 13, 2007
Exhibit C
Hurricane Humberto made landfall on High Island, TX on September 13, 2007, as a minimal
Category 1 hurricane with 90 mph winds. Reported losses and loss adjustment expenses for
Texas Windstorm Insurance Association were approximately $11.7 million.
Source: Texas Windstorm Insurance Association
12
13. Path of Hurricane Dolly – July 23, 2008
Exhibit D
Hurricane Dolly made landfall on South Padre Island at 1:00 PM CDT, July 23, 2008, as a
Category 2 hurricane with 100 mph winds. Hurricane Dolly is considered to be the most
destructive hurricane to hit the Rio Grande Valley in 41 years. Reported losses and loss adjustment
expenses for Texas Windstorm Insurance Association are estimated at $315,000,000.
Source: Texas Windstorm Insurance Association
13
14. Path of Hurricane Ike – September 13, 2008
Exhibit E
Hurricane Ike made landfall on Galveston Island at 2:10AM CDT, September 13, 2008, as a strong
Category 2 hurricane, with sustained winds of 110 mph. TWIA has received 93,044 claims. TWIA
estimates losses and loss adjustment expenses to be $2.65 billion.
Source: Texas Windstorm Insurance Association
14
15. Path of Hurricane Alex – June 30, 2010
Hurricane Alex made landfall on the northeastern coast of Mexico on June 30, 2010, as a
Category 2 hurricane, with sustained winds of 105 mph. TWIA has received 614 claims. TWIA
estimates losses and loss adjustment expenses to be $3.2 million.
Source: Texas Windstorm Insurance Association
15
Exhibit F
16. Hurricane Information (continued)
B. Texas Historical Hurricanes 1900 – Present
• Saffir/Simpson Category
All
Category Number
Area
Major
2
3
4
5
1, 2, 3, 4, 5
3, 4, 5
14
Texas
1
11
10
7
0
42
17
• Number of Category 3, 4, or 5 Hurricanes Occurring by Month
Area
June
July
August
September
October
November
1
1
8
7
0
0
Texas
• Saffir/Simpson Scale
Type
Category
Damage
Pressure
Winds
Summary
Depression
-
-
-
> 35
Tropical Storm
-
-
-
39-73
Hurricane
1
Minimal
> 28.94
74-95
Very dangerous winds will produce some damage.
Hurricane
2
Moderate
28.50 – 28.91
96-110
Extremely dangerous winds will cause extensive damage.
Hurricane
3
Extensive
27.91 – 28.47
111-130
Devastating damage will occur.
Hurricane
4
Extreme
27.17 – 27.88
131-155
Catastrophic damage will occur.
Hurricane
5
Catastrophic
< 27.17
> 155
Catastrophic damage will occur.
A storm surge scale is not available at this time, however, NOAH is working to enhance the analysis and predictions of storm
surge.
Source: National Weather Service
16
17. III.
Windstorm Insurance Coverage
A. Eligibility Requirements
An applicant for new or renewal coverage on a structure to be written through TWIA must comply
with one of the following:
Inspection Process Regulations (refer to page 18); or
Requirements for Certain Noncompliant Structures (refer to page 20); and
The applicant must also comply with the following requirements to be eligible for coverage:
Declination: Must have at least one declination of coverage from a licensed insurer that is writing
new or renewal property insurance policies that provide windstorm and hail insurance coverage in the
first tier coastal counties.
A declination may also be an offer of a policy that includes coverage for the perils of windstorm and
hail that is not substantially equivalent to the coverage offered by TWIA. A policy is not substantially
equivalent to a TWIA policy if the policy that is being offered does not provide the basic coverage(s)
that the applicant is seeking.
Flood Insurance: If the structure was constructed, altered, remodeled, or enlarged on or after
September 1, 2009 and is located in Zone V, Zone VE or Zones V1-V30, the applicant must provide
evidence of a flood insurance policy, if flood insurance is available through the National Flood
Insurance Program. This requirement does not apply to repairs.
Underwriting: Must comply with all other underwriting requirements for TWIA.
17
18. Windstorm Insurance Coverage
(continued)
B. Inspection Process Regulations
•
A homeowner, builder or agent can request inspection of a structure by contacting either the TDI
Windstorm Inspection Division or a Texas Licensed Professional Engineer appointed by TDI.
•
An "Application for Windstorm Building Inspection" (WPI-1) is required to initiate the inspection
process.
•
A TDI windstorm inspector or appointed engineer conducts necessary inspections to ensure
compliance with applicable building specifications. Compliance with building specifications is
required if the structure is to be insured by TWIA under the inspection process.
•
Structures meeting building specifications are approved and a Certificate of Compliance (WPI-8) is
issued by TDI to the requesting party.
Only TDI may issue a Certificate of Compliance which is evidence of insurability of the structure
for coverage through TWIA.
Structures failing to meet building specifications are not certified by TDI and are not eligible for
coverage through TWIA through the inspection process.
18
19. Windstorm Insurance Coverage
(continued)
•
The Certificate of Compliance is submitted to TWIA by an insurance agent and a policy for windstorm
and hail coverage can be issued.
•
Additions, alterations, re-roofs, or other repairs to a structure must comply with required windstorm
building code specifications (WPI-8) to continue to qualify for coverage through the TWIA.
•
Structures constructed prior to January 1, 1988 are not required to have a WPI-8 for coverage through
TWIA.
19
20. Windstorm Insurance Coverage
(continued)
C. Requirements for Certain Noncompliant Structures
•
The 83rd Texas Legislature enacted Senate Bill (SB) 1702 which modified eligibility requirements for
certain residential structures that did not go through the windstorm inspection process and are missing
one or more WPI-8’s for construction on or after January 1, 1988.
•
TWIA may provide coverage for residential structures constructed on or after January 1, 1988 and prior
to June 19, 2009 that did not go through the inspection process and obtain a WPI-8 for all construction
and repairs during this time period. Policies are subject to a 15% surcharge.
•
TWIA may also provide coverage to residential structures that were insured in the voluntary market on
or after June 19, 2009 if the insurer cancels or non-renews before December 31, 2015 and all
construction and repairs begun after the date of cancellation have a WPI-8. Policies are subject to a
surcharge based on the rate charged in the voluntary market.
•
TWIA may issue or renew policies for these types of noncompliant structures through December 31,
2015.
•
After December 31, 2015, structures must be inspected for compliance with the applicable windstorm
building code and obtain a WPI-8 for all construction performed after January 1, 1988.
•
SB 1702 repealed the Alternative Eligibility for Coverage program created by HB 3 and the requirement
to obtain an Alternative Certification (WPI-12) for certain noncompliant structures missing a WPI-8.
20
21. Windstorm Insurance Coverage
(continued)
D. Additional Requirements for Certain Noncompliant Structures
•
Subsequent Additions, Alterations, Re-Roofs, or Other Repairs
Consistent with the current requirements for TWIA insurability of structures qualifying for coverage
through the inspection process, any subsequent additions, alterations, re-roofs, or other repairs to a
structure that is insured with the TWIA must also comply with required windstorm building code
specifications for continued coverage from the TWIA.
•
Structures Not Eligible For Building Code Credits
All policies covering residential property that qualify under the noncompliant provisions are not
eligible for credits for building code compliance under 28 TAC 5.4700.
The credits for building code compliance range from 19% to 33% depending on where the risk is
located and which building code the risk is constructed to meet. For example, a risk located in
Inland I (Inland I includes specific areas of a county that is inland from the Intracoastal Canal and
within 25 miles of the Texas Coast) that is constructed to meet the International Residential
Building Code for Seaward (areas seaward of the Intracoastal Canal) risks would be eligible for a
31% credit.
Please refer to Exhibit G for additional information on Building Code Credits.
21
22. Windstorm Insurance Coverage (continued)
E. Building Code Credits
Exhibit G
Apply the factors listed below to the Modified EC Premium, independent of any other adjustments.
The following credits shall be provided to dwelling policies where the dwelling was constructed to, or exceeding the standards of the
Building Code for Windstorm Resistant Construction or the International Residential Code /International Building Code as
modified by the Texas Department of Insurance (TDI). The TDI will provide a form WPI-8, building code certificate of
compliance, which will indicate the code to which the structure was built. Credits will be applied per the table below, with the
IRC/IBC code credits applied to policies effective on or after September 1, 1998 as appropriate. Retrofit credits apply to homes
built prior to September 1, 1998 or February 1, 2003 as applicable, and retro-fitted with exterior opening protections that meet the
windborne debris criteria standards of either the Building Code for Windstorm Resistant Construction, the International
Residential Code, or the International Building Code.
WINDSTORM RESISTANT
CONSTRUCTION
EFFECTIVE 9/1/98
LOCATION
OF RISK
BUILDING
CODE
STANDARD
DWELLING
DISCOUNT
PERSONAL
PROPERTY
DISCOUNT
INT’L. RESIDENTIAL CODE
& INT’L. BUILDING CODE
EFFECTIVE 2/1/2003
DWELLING
DISCOUNT
PESONAL
PROPERTY
DISCOUNT
Seaward
Seaward
26%
20%
28%
23%
Inland I
Inland I
24%
19%
26%
21%
Inland I
Seaward
29%
23%
31%
25%
Inland II
Inland II
0%
0%
26%
20%
Inland II
Inland I
27%
21%
28%
23%
Inland II
Seaward
32%
25%
33%
28%
All designated
catastrophe
areas
Retrofit
10%
10%
10%
10%
22
23. IV. TDI’s Windstorm Inspection Program
A. Overview
Because of the extent of damage caused by Hurricane Alicia in 1983, it became apparent that applicable
building codes were not being enforced. Therefore, the Windstorm Inspection Program at TDI was
created by HB 2012 effective January 1, 1988.
The Windstorm Inspection Program is responsible for determining compliance of structures located in
the first tier coastal counties of Texas Gulf Coast and portions of Harris County, east of Highway 146.
The Inspection Program has field offices located along the Texas Coast to provide inspection services
upon request.
Refer to Exhibit H on the next page “Designated Catastrophe Areas”
23
25. TDI’s Windstorm Inspection Program
(continued)
C. Building Code for Windstorm Resistant Construction: Development, Implementation and
Education
Damage from Florida’s Hurricane Andrew in 1992 was key to the adoption of a new building code in
Texas for the 1st tier counties along the Texas Gulf Coast.
After 5 years of research and development by TDI engineers and with the assistance of Texas Tech
Engineering Department, the TDI adopted the new Texas Windstorm Insurance Association Building
Code for Windstorm Resistant Construction. This code was based on a nationally recognized design
standard, ASCE-7, and became effective September 1, 1998.
The Texas Windstorm Insurance Association Building Code was continually updated to provide the
most current wind resistant design and construction methods.
In January 2003, the Department adopted the 2000 International Residential Code (IRC) and the 2000
International Building Code (IBC) as amended by the Texas Revisions as the building standards for
windstorm resistant construction, to be effective February 1, 2003.
In July 2004, the Commissioner adopted the 2003 IRC and IBC as amended by the Texas Revisions
which became effective January 1, 2005.
In July 2007, the Commissioner adopted the 2006 IRC and IBC as amended by the Texas Revisions
which became effective January 1, 2008.
25
26. V.
Operations of TWIA
A. Board of Directors (Board)
The Board consists of ten (10) members appointed by the Commissioner and includes:
four representatives of the insurance industry;
four members who reside in the first tier coastal counties, at least one of which must be a licensed
property and casualty agent who is not a captive agent;
one member must be a representative of an area that is not in the seacoast territory; and
one member is a non-voting member that advises the Board regarding issues relating to the inspection
process and must be a licensed engineer residing in a first tier coastal county.
B. General Information
The day-to-day operations are directed by the Association’s General Manager.
TWIA operates somewhat like an insurance company.
Policies are issued directly by TWIA.
Normal claims and operating expenses are paid from premiums collected.
26
27. Operations of TWIA
(continued)
C. Maximum Limits of Liability
The maximum limits of liability for policies are set by statute and subject to inflation indexed adjustments
on an annual basis.
Limits are as follows:
Effective
Dwellings
Contents of an
Apartment,
Condominium,
or Townhouse
Commercial
Risks
Public
Buildings
January 1, 2013
$1,773,000
$374,000
$4,424,000
$4,424,000
27
28. Operations of TWIA (continued)
D. Rates
Annual Rate Filings (Residential/Commercial)
The Association must file proposed rates with TDI by August 15 th of each year.
Unless rates are file and use, the commissioner must
•
Provide interested persons an opportunity to review the filing, submit written
comments, and to request additional supporting information related to the filing, and;
•
Approve or disapprove the filing by October 15th.
Average rate change is capped at 10% higher or lower than the rate in effect on the date the
filing is made.
The rate for an individual rating class is capped at 15% higher or lower than the rate in effect
on the date the filing is made.
The caps can be removed, subject to notice and hearing, after a catastrophe(s) to ensure rate
adequacy in the catastrophe area and availability of insurance outside the catastrophe area.
Other-Than-Annual Rate Filings (Residential/Commercial)
The Association may also submit rate filings at any other time of the year.
Unless rates are file and use, commissioner must approve or disapprove on or before the 30 th
day after date of filing.
28
29. Operations of TWIA (continued)
Rates are File and Use if:
Filed 30 days in advance;
Rate change is 5% or less of rate in effect on date filing made;
Individual class rate change is less than 10% of rate in effect on date filing made; and
For other than annual rate filings, the commissioner has not disapproved the filing in
writing.
Rates are Prior Approval if:
Rate change is greater than 5% of rate in effect on date filing made; and
Individual class rate change greater than or equal to 10% of rate in effect on date filing
made.
29
30. Operations of TWIA (continued)
E. Rate Change History
Year or Effective Date
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
7/1/2006
1/1/2007
2/1/2008
2/1/2009
1/1/2011
1/1/2012
1/1/2013
Residential
-5.4%
0.0%
3.1%
25.0%
-54.0%
30.0%
0.0%
25.0%
0.0%
0.0%
0.2%
-9.4%
8.7%
18.5%
0.0%
0.0%
9.6%
0.0%
0.0%
3.1%
4.2%
8.2%
12.3%
5.0%
5.0%
5.0%
Commercial
-15.0%
0.0%
-2.1%
-2.0%
-22.9%
0.0%
0.0%
0.0%
0.0%
0.0%
-3.0%
0.0%
9.0%
4.0%
5.0%
10.0%
10.0%
10.0%
5.0%
8.0%
3.7%
5.4%
15.6%
5.0%
5.0%
5.0%
Notes:
1992 - Elim ination of 400% beach / 25% inland s urcharges
1993 - Addition of 30% to residential benchm ark rates
2002 - Separation of res idential rates from benchmark rates
2009 - 10% cap rem oved due to catas trophes
Note: In Augus t 2009, the As s ociation s ubmitted a rate filing requesting a 10% increas e in its
residential and comm ercial rates . This filing was dis approved in October 2009 with the finding that
s om e m odes t increas e of les s than the 10% increase may be m ore prudent and reasonable.
30
31. Operations of TWIA (continued)
F. Policy Forms
Policy Form, Endorsement, and Manual Rule Filings
Policy forms, endorsements and manual rules are approved specifically for use by TWIA.
TAC 5.4911 was adopted to establish a procedure to approve TWIA policy forms,
endorsements, manual rules, and application forms. Requires submissions to be posted for
public comment and allows for public hearing if requested.
G. Deductible Options
Residential Risks: Deductible options of $100, $250 or 1% are available unless an optional large
deductible is selected.
NOTE: Adjustment percentages must be applied to calculate the rate for $100 and $250 deductibles.
Optional large deductibles of 1½%, 2%, 2 ½%, 3%, 4% or 5% are available and are subject to the
appropriate premium credits.
Commercial Risks and Public Buildings: A per occurrence deductible of 1% per item applies, unless
an optional 2% or 5% deductible is selected and the deductible percentages are subject to the
appropriate premium credits.
31
32. VI. Statistical Information
A. Exposures, Policies, and Premiums Written
As of 09/30/12
$61,243,621,176
$41,154,942
$12,987,071,654
$74,271,847,772
As of 09/30/13
$62,881,153,505
$44,164,128
$12,917,402,391
$75,842,720,024
$6,904,621,284
$408,330,040
$7,312,951,324
$7,133,433,955
$390,860,955
$7,524,294,910
Total Direct Liability in Force
Dwelling
Mobile Home
Non-Dwelling
Total
Total Indirect Liability in Force
Dwelling (Additional Living Expense)
Non-Dwelling (Business Income Total)
Total
Total Policies in Force
Dwelling
Mobile Home
Non-Dwelling
Total
252,877
881
13,557
267,315
252,833
917
13,384
267,134
Premiums Written on Policies in Force, Year to Dwelling
Date
Mobile Home
Non-Dwelling
Total
$268,622,422
$860,274
$87,546,298
$357,028,994
$282,407,154
$904,607
$90,524,702
$373,836,463
Premiums Written During Quarter
$108,791,364
$394,979
$32,443,582
$141,629,925
$107,882,873
$382,144
$34,692,258
$142,957,275
Dwelling
Mobile Home
Non-Dwelling
Total
Source: Quarterly Liability Report as of 09/30/12 and 09/30/13 from Texas Windstorm Insurance Association.
32
33. Billions of Total Liability
TWIA Direct Liability In Force
December 31, 1971 – September 30, 2013
* The total number of policies in force as of 12/31/08 decreased by 13,357
policies and the total liability in force decreased by approximately $3.6 billion.
The decrease in the number of policies may have been attributed to consumers
canceling policies due to the property being totally destroyed by Hurricane Ike,
shopping for other windstorm coverage or having concerns with the economy.
Data Source: Quarterly Liability Report as of September 30, 2013
from Texas Windstorm Insurance Association
33
*
34. Statistical Information (continued)
C. Residential Wind Market Share by County (2010 – 2012)
TEXAS WINDSTORM INSURANCE ASSOCIATION
2010-2012 RESIDENTIAL WIND MARKET SHARE BY COUNTY
(As measured by Insured Exposures for Dwelling and Contents)
County
Aransas
Brazoria
Calhoun
Cameron
Chambers
Galveston
Harris1
Jefferson
Kenedy
Kleberg
Matagorda
Nueces
Refugio
San Patricio
Willacy
2010
81%
61%
75%
32%
56%
79%
51%
47%
14%
29%
51%
66%
27%
65%
29%
2011
81%
63%
75%
31%
59%
77%
52%
55%
19%
27%
58%
65%
27%
65%
28%
2012
80%
63%
75%
32%
62%
77%
57%
60%
26%
27%
61%
65%
27%
65%
28%
Total Catastrophe Area
61%
62%
63%
1
Only includes those portions of Harris County designated as a catastrophe area.
34
35. VII. Funding of Excess TWIA Losses
A. Funding
TWIA losses in excess of premiums and other revenue are funded as follows:
•
Available reserves and available amounts in the Catastrophe Reserve Trust Fund (Balance as of
9/30/2013 - $184,370,392.59)
•
Up to $1.0 billion in Class 1 public securities
•
Up to $1.0 billion in Class 2 public securities
•
Up to $500 million in Class 3 public securities
TWIA may purchase reinsurance to cover excess losses.
NOTE: Reinsurance program in effect June 1, 2013 through May 31, 2014: Reinsurance available in
the amount of $1 billion in excess of a $1.7 billion retention.
Public securities are paid by TWIA premiums, non-refundable premium surcharges to coastal property and
casualty policyholders and member insurer assessments.
•
Class 1 Public Securities, including up to $1 billion in outstanding pre-event public securities
Paid by TWIA premiums
•
Class 2 Public Securities
70% paid by non-refundable premium surcharges to coastal property and casualty policyholders
30% paid by insurer member assessments
•
Class 3 Public Securities
Paid by insurer member assessments
35
36. Funding of Excess TWIA Losses
(continued)
Member insurer assessments are indexed to an individual insurer’s share of the overall Texas property
insurance market.
The greater an insurer’s share of the Texas market, the greater its potential for loss assessments.
Credits reduce loss assessments and are given if member insurers voluntarily write insurance in the
areas where TWIA operates.
Member insurers may not credit assessment amounts paid under Class 2 or Class 3 public securities against
premium taxes paid.
Currently, there is no funding for TWIA losses in excess of Class 3 public securities.
36
37. Funding of Excess TWIA Losses
(continued)
B. Catastrophe Reserve Trust Fund (CRTF)
•
The 73rd Legislature established the CRTF, effective September 1, 1993, as part of the State’s plan to
address catastrophic losses associated with a major windstorm.
•
To fund the CRTF, TWIA deposits excess funds on an annual basis. Additionally, policyholder
surcharges for structures insured under the Approval Program are deposited into the CRTF.
•
The CRTF is a state fund to be held by the Comptroller outside the State Treasury on behalf of, and
with legal title in TDI.
•
The CRTF is designed to fund losses in excess of TWIA premiums and other revenue.
•
If the CRTF is terminated by law, all assets of the CRTF revert to the State.
The initial balance of the CRTF in fiscal year 1995 was $122,761,481.73. In September 2005, $65 million
was withdrawn from the CRTF to pay excess losses resulting from Hurricane Rita. Subsequently that year,
TWIA returned $30 million to the CRTF. On June 30, 2008, the balance of the CRTF was approximately
$468 million. $100 million of the CRTF was used to pay excess losses resulting from Hurricane Dolly in
July of 2008. The remainder of the fund was used to pay for excess losses resulting from Hurricane Ike in
September of 2008, leaving a balance of $0. The balance in the CRTF as of September 30, 2013 was
$184,370,392.59.
37