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Galveston Chamber Plays Key Role in TWIA Board Meeting, Advocating for Policyholders
Significant Decision for Policyholders
The Galveston Regional Chamber of Commerce actively participated in the recent Texas Windstorm Insurance Association (TWIA) Board of Directors meeting held on August 8, 2023. The outcomes of this meeting hold immense importance for both residential and commercial policyholders across the state. Key stakeholders, including members of the Galveston Regional Chamber of Commerce's board and state officials such as Senator Mayes Middleton and Representatives Todd Hunter, Teri Leo-Wilson, and Briscoe Cain, attended this critical meeting. The TWIA Board made a pivotal decision to maintain the current policy rates for 2024, rejecting the Actuarial & Underwriting Committee's recommendation for rate increases.
Stakeholder Influence
The decision to keep policy rates unchanged was a result of the TWIA Board's comprehensive evaluation and close vote of 5 to 4, falling short of the required two-thirds majority. Elected officials and representatives from coastal communities played a significant role in shaping this decision through their insightful public comments. Their contributions reinforced the TWIA Board's commitment to maintaining stable policy rates, ensuring affordable coverage for Texas residents and businesses. Gina M. Spagnola, President and CEO of the Galveston Regional Chamber of Commerce, expressed satisfaction with the Board's decision, emphasizing the benefits it will bring to local businesses and residents.
Transparency and Accountability
TWIA demonstrated its commitment to transparency and accountability during the meeting. In addition to the rate decision, the Board addressed various operational aspects. They directed staff to retain maximum liability limits, continued their partnership with Aon for catastrophe modeling services, received updates on agent commissions, and ensured accessibility of the Catastrophe Reserve Trust Fund for the payment of insured losses. Furthermore, the engagement of Calhoun, Thomson + Matza for auditing and accounting services for 2024 was approved, along with authorization for other non-auditing services.
Chamber's Commitment
As an active participant in the Galveston community, the Galveston Regional Chamber of Commerce recognizes the significance of TWIA's decisions in safeguarding the interests of residents and businesses across the state. By attending the TWIA Board of Directors meeting, the Chamber reaffirms its commitment to advocating for the welfare of its members and the broader community. For more information about the outcomes of the TWIA Board of Directors meeting and its impact on policyholders, visit the TWIA website's Archived Meetings page. To learn more about the Galveston Regional Chamber of Commerce, please visit www.galvestonchamber.com or contact Gina M. Spagnola, President and CEO, at (409) 763-5326 or gspagnola@galvestonchamber.com.
Implications for New Businesses in Texas
The decision of the TWIA Board to maintain the current policy rates for 2024 has significant implications for new businesses in Texas. This move ensures that both residential and commercial policyholders can continue to enjoy affordable coverage, providing a stable environment for businesses to operate and grow.
Role of Stakeholder Influence
The influence of stakeholders such as the Galveston Regional Chamber of Commerce and state officials in shaping this decision demonstrates the importance of active participation and advocacy in policy-making processes. For new businesses, this can serve as a valuable lesson in the power of collective action and the importance of establishing strong relationships with community organizations and policymakers.
Transparency and Accountability
TWIA's commitment to transparency and accountability, as demonstrated in the meeting, sets a positive example for new businesses. It underscores the importance of open communication, ethical decision-making, and accountability to stakeholders, which are crucial elements in building trust and credibility in the business community.
In conclusion, the outcomes of the TWIA Board meeting reaffirm the Galveston Regional Chamber of Commerce's commitment to advocating for the interests of its members and the broader community. This serves as a reminder for new businesses about the importance of community engagement and advocacy in shaping policies that impact their operations and growth.
