Texas HB5586 mandates in-person meetings for the Texas Windstorm Insurance Association's board to set probable maximum loss and annual rates.

Texas HB5586 amends the Insurance Code to require the Texas Windstorm Insurance Association's board of directors to hold in-person meetings within a first tier coastal county to establish the association's probable maximum loss and to set annual rates. Additionally, votes cast during these meetings must be done in person to count towards the probable maximum loss or annual rate filing. The bill takes effect immediately if it receives a two-thirds vote in both houses, otherwise it will take effect on September 1, 2025.

Texas HB5586 mandates in-person meetings for the Texas Windstorm Insurance Association's board to set probable maximum loss and annual rates.

Texas HB5586 amends the Insurance Code to require the Texas Windstorm Insurance Association's board of directors to hold in-person meetings within a first tier coastal county to establish the association's probable maximum loss and to set annual rates. Additionally, votes cast during these meetings must be done in person to count towards the probable maximum loss or annual rate filing. The bill takes effect immediately if it receives a two-thirds vote in both houses, otherwise it will take effect on September 1, 2025.