This bill establishes the Alaska Flood Authority and the Alaska flood insurance fund to improve access to flood insurance in the state. It amends current laws regarding property insurance rates, allowing for greater flexibility in determining rates, particularly for flood insurance. The bill mandates that rates must not be excessive, inadequate, or unfairly discriminatory, and emphasizes the use of actual historical flood and damage data in rate-setting. It introduces definitions for "dwelling" and "flood," and outlines the authority's powers and responsibilities, including the requirement for insurers to maintain membership and provide necessary information.

Additionally, the bill details the governance structure of the Alaska Flood Authority, which will include representatives from the insurance industry, consumers, and relevant state agencies. It requires the authority to create an operational plan, establish premium rates, and manage claims, while also outlining funding mechanisms through member dues and assessments. The state will not be liable for the authority's actions, and board members will have civil and criminal immunity for their duties performed in good faith. The bill also includes provisions for the appropriation of funds for the authority's operation, specifies that claims payments are subject to appropriation, and establishes a transition plan for the authority's operational plan submission. The act is set to take effect on July 1, 2026.

Statutes affected:
SB0011A, AM SB 11, introduced 01/10/2025: 21.39.030, 21.39.043, 21.60.100, 21.60.300, 21.60.110, U.S.C, 21.60.120, 21.60.130, 21.60.140, 21.60.150, 21.09.210, 21.60.160, 21.60.170, 21.36.220, 21.36.240, 09.10.053, 21.60.180, 21.60.190, 21.60.200, 21.60.210, 21.60.220, 21.60.230, 21.60.240, 21.60.250, 21.60.260, 21.60.270, 21.60.280, 21.60.290, 37.10.070, 21.42.030, 21.12.060, 37.05.146