An investigation by the Texas Department of Insurance has found that TWIA,  the state’s government-operated property insurance agency, “is in a condition that makes its continuation in business hazardous to the public or to its policyholders.”

 

In finding the Texas Windstorm Insurance Association guilty of numerous infractions, the state insurance oversight agency has placed TWIA under administrative oversight.

 

In a two-page statement today, TDI said that TWIA paid outside claims adjusters for work that was not performed, and that TWIA was aware of this and failed to report it to the appropriate state fraud unit. TDI also found that “TWIA has failed to adequately address issues identified through the recent financial examination…”

 

More to come...

 

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