This bill establishes the Alaska Flood Authority and the Alaska flood insurance fund to improve access to flood insurance in the state. It amends existing laws related to property insurance rates, allowing for greater flexibility in determining rates, particularly for flood insurance. Key provisions require that flood insurance rates be based primarily on actual historical flood and damage data, and mandate the creation of a state plan for flood insurance available to eligible individuals. The bill also details the structure and responsibilities of the Alaska Flood Authority, including its board composition, powers, and operational procedures.

Additionally, the bill outlines eligibility criteria for individuals seeking flood insurance, the enrollment process, and the authority's obligations regarding claims processing and reporting. It provides for funding through member dues and assessments, while also establishing penalties for non-compliance. The state is not liable for the authority's actions, and board members are granted civil and criminal immunity for good faith actions. The bill clarifies that the insurance program applies to policies entered into or renewed after the act's effective date and includes a transition plan for the authority's operations. It 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