The resolution establishes the Alabama Coastal Commercial Insurance Joint Interim Study Commission in response to the significant increase in wind insurance costs for coastal commercial and multifamily properties over the past two years. This rise in costs has led to many properties becoming underinsured or uninsured, which poses a risk to Alabama's economy, especially following severe storms. The commission's purpose is to evaluate the current risk exposure, explore potential relief programs, and ensure the sustainability of any proposed solutions to address the insurance challenges faced by these properties.

The commission will consist of various members, including state officials, legislative representatives from Baldwin and Mobile Counties, and industry experts. It will conduct a comprehensive review of wind insurance availability and pricing, compare Alabama's situation with surrounding states, analyze the fiscal implications of inadequate coverage, and explore alternative risk reduction strategies. The commission is required to report its findings and any proposed legislation to the Legislature by January 1, 2025, after which it will be dissolved.