Relating to the deadline of a manual rate filing by the Texas Windstorm Insurance Association.
Summary
HB 5587 amends the Insurance Code provision governing the Texas Windstorm Insurance Association’s annual manual rate filing deadline. Under current law, the association must file its proposed manual rates with the Texas Department of Insurance by August 15 each year; the bill changes that deadline to September 15. The bill does not change the substance of the rate filing requirement or the types of risks covered, only the timing of the filing.
The measure applies specifically to the Texas Windstorm Insurance Association, the state-backed insurer that provides windstorm and hail coverage in coastal areas where private coverage may be limited. By moving the filing deadline back one month, the bill gives the association additional time to prepare and submit its proposed rates before regulatory review. The bill also includes a standard effective-date clause, allowing immediate effect if approved by a two-thirds vote in each chamber, or otherwise taking effect on September 1, 2025.
Impact
HB 5587 would amend Section 2210.352(a) of the Insurance Code to revise the statutory deadline for the Texas Windstorm Insurance Association’s annual manual rate filing from August 15 to September 15. This is a narrow procedural change affecting the association’s rate-setting timeline and the Texas Department of Insurance’s review schedule, but it does not alter the association’s authority to set rates or the standards governing those rates.
Sentiment
Based on the bill text and available legislative context, the bill appears to be a technical, noncontroversial administrative adjustment rather than a major policy change. There are no recorded committee transcripts or votes in the provided material indicating opposition or debate. The referral to the Insurance Committee suggests it was treated as an insurance-regulatory matter, with no evident public controversy in the available record.
Contention
No specific points of contention are reflected in the provided materials. If any concerns were to arise, they would likely center on whether extending the filing deadline could delay rate review or affect policyholders’ ability to know upcoming windstorm insurance costs, while supporters would likely view the change as giving the Texas Windstorm Insurance Association more time to complete its annual filing accurately. However, no such arguments are documented in the supplied transcripts or voting history.
Relating to funding of excess losses and operating expenses of the Texas Windstorm Insurance Association; authorizing an assessment; authorizing a surcharge.