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