The proposed bill establishes the Alaska Flood Authority and the Alaska flood insurance fund to enhance the availability of flood insurance in the state. It amends existing property insurance laws to ensure that rates are not excessive, inadequate, or unfairly discriminatory, while introducing new definitions for "dwelling" and "flood." The bill mandates that flood insurance rates be based on actual historical flood and damage data. It outlines the structure and responsibilities of the Alaska Flood Authority, which will include licensed insurers and a board representing various stakeholders, including consumers and the banking industry. The authority is required to provide at least one state flood insurance plan that aligns with the National Flood Insurance Program.

Additionally, the bill details the operational framework for the authority, including funding mechanisms through member dues and assessments, and specifies that the state is not liable for the authority's actions. It allows the legislature to appropriate funds for the authority's operations and clarifies that the insurance fund does not lapse and can be invested like state funds. The bill also sets a deadline for the authority to submit a plan of operation by January 1, 2027, and establishes that new insurance policies will apply to those entered into or renewed after the act's effective date of 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