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 property insurance laws to create a nonprofit entity that includes all licensed property insurers in Alaska. The authority will set flood insurance rates based on historical flood and damage data, ensuring that rates are fair and not excessive or inadequate. The bill also details the authority's structure, including a board made up of insurance industry representatives, consumers, and other stakeholders, and mandates that insurers maintain membership in the authority and share losses from the insurance program.

Additionally, the bill outlines the authority's responsibilities, including providing at least one state flood insurance plan that aligns with the National Flood Insurance Program, establishing eligibility criteria for coverage, and managing claims. It allows the legislature to appropriate funds for the authority's operations and specifies that claim payments are subject to appropriation, with funds not lapsing but not creating a dedicated fund. The bill also includes definitions relevant to the insurance program and establishes a transition plan for the authority's operation, with a deadline of January 1, 2027, for submitting an acceptable plan. 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