Under existing law, insurance placed by lenders on real property is subject to the general laws applicable to property insurance. This bill would provide a specific framework for regulating lender-placed insurance on real property in order to help maintain the separation between lenders and insurers and minimize unfair competitive practices in the sale, placement, solicitation, and negotiation of lender-placed insurance. The bill is based on a model act adopted by the National Association of Insurance Commissioners (NAIC). This bill would further define the term of the lender-placed insurance on real property and would provide for the calculation of coverage and payment of premium. This bill would further provide for prohibited practices in the issuance of lender-placed insurance on real property, would require certain details of the insurance to be set forth in the policy or certificate of insurance, and would require for the filing and approval of the forms and rates to be charged for the insurance. This bill would further provide for the enforcement of the act, penalties for violations of the HB58 HB58 INTRODUCED INTRODUCED act, and for judicial review of orders by the Commissioner of Insurance.