Dozens of insurance trade group members spent a day lobbyingTexas legislators yesterday urging them to find a proper solutionto bankroll the state's badly depleted windstorm pool that acts asinsurer of last resort for coastal properties.
David A. Sampson, president and chief executive officer of theProperty Casualty Insurers Association of America, said that PCImember company representatives gave lawmakers the message that itis essential they resolve the funding situation at thestate-sponsored Texas Windstorm Insurance Association.
Interviewed by telephone at the state capital in Austin wherePCI companies convened, Mr. Sampson said the group is advocatingthat TWIA be given a $1 billion loan from the state's $9.2 billionrainy day fund so it can purchase reinsurance.
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