The Texas Department of Insurance placed the Texas Windstorm Insurance Association under administrative oversight on Monday. The decision is part of an investigation into “inappropriate, unprofessional, or unethical conduct” at the association.
The TWIA board of directors held an emergency meeting following the decision. Administrative oversight is the least invasive form of intervention by the Texas Department of Insurance. The insurance regulator will now monitor all executive decisions made at TWIA.
The department of insurance is specifically looking into two former employees, the former vice president of claims and the former catastrophe office manager.
TWIA is the insurer of last resort for Texans living along the coast. Consumers have filed thousands of complaints and the association has paid out millions in lawsuits.