Texas House Bill HB3684

Texas 2021 - 87th Regular

Caption

Relating to the continuation of the windstorm insurance legislative funding and funding structure oversight board and to studies relating to the Texas Windstorm Insurance Association and the Fair Access to Insurance Requirements Plan.

Impact

The impact of HB 3684 primarily involves extending the regulatory framework governing windstorm insurance in Texas. By ensuring that the legislative funding structure continues, this bill is intended to provide necessary oversight of the Texas Windstorm Insurance Association, which plays a crucial role in offering insurance options in hurricane-prone areas. This move is presented as critical for protecting consumers and maintaining access to affordable insurance in affected regions, ultimately aiming to enhance the resilience of Texas communities against windstorm-related damages.

Summary

House Bill 3684 addresses the continuation of the windstorm insurance legislative funding and the oversight structure necessary for the Texas Windstorm Insurance Association. The bill seeks to amend the Insurance Code to extend the expiration dates for reporting and the oversight board's submissions. Specifically, it modifies provisions related to the required reports by the oversight board to include updates on studies conducted regarding the Texas Windstorm Insurance Association, ensuring that essential funding continues to be assessed properly. The changes also aim to maintain a stable legislative oversight regarding windstorm insurance funding in Texas.

Contention

While there has been strong bipartisan support for HB 3684, concerns were raised by some stakeholders about the sufficiency of the oversight measures. Critics argue that simply extending deadlines and reporting requirements may not address the underlying issues related to the accessibility and affordability of windstorm insurance. These discussions pointed towards ensuring that the oversight board functions effectively and that it is equipped to make insights and recommendations that could lead to more significant reforms in the insurance sector. The bill's provisions may reflect ongoing tensions between regulatory oversight and the necessity for market-driven solutions in the insurance industry.