The proposed bill would update current statutes by introducing new reporting requirements for homeowners insurers regarding fire loss and wildfire risk. Insurers would be mandated to report specific policy information, including issuance and renewal dates, reasons for nonrenewal or cancellation, and financial metrics, to the Director of the Department of Insurance and Financial Institutions (DIFI). Additionally, the bill establishes the Fire Insurance Review Task Force, which will analyze data related to homeowners insurance and wildfire risks, hold at least four meetings per year, and submit an annual report to state officials.

Moreover, the bill modifies license renewal deadlines for financial entities, shifting them to December 31, and eliminates Arizona's opt-out of uniform standards for long-term care insurance products. It also removes certain reporting requirements from DIFI's annual report, allows the Director to adopt enforcement rules, and mandates that motor vehicle insurers accept electronic claims submissions and respond within ten business days. Overall, these changes aim to enhance oversight, transparency, and efficiency in the insurance industry while addressing wildfire risks.

Statutes affected:
Introduced Version: 6-604, 6-707, 6-815, 6-1203, 6-1305, 20-108.01, 20-211, 20-235, 20-2414, 20-2904, 20-3251, 44-282, 6-126, 20-583, 20-108, 20-210, 20-212, 20-768, 20-711, 20-223, 20-2402, 20-1631, 20-1632, 41-1092, 41-1092.08, 20-2903
House Engrossed Version: 6-604, 6-707, 6-815, 6-1203, 6-1305, 20-108.01, 20-211, 20-235, 20-2414, 20-2904, 20-3251, 44-282, 6-126, 20-583, 20-108, 20-210, 20-212, 20-768, 20-711, 20-223, 20-2402, 20-1631, 20-1632, 41-1092, 41-1092.08, 20-2903
Senate Engrossed Version: 6-604, 6-707, 6-815, 6-1203, 6-1305, 20-108.01, 20-123, 20-127, 20-211, 20-235, 20-269, 20-2414, 20-2510, 20-2904, 20-3251, 44-282, 6-126, 20-583, 20-108, 20-210, 20-212, 20-768, 20-711, 20-223, 20-2402, 20-1631, 20-1632, 20-822, 20-1001, 41-1092, 41-1092.08, 20-2903
Chaptered Version: 6-604, 6-707, 6-815, 6-1203, 6-1305, 20-108.01, 20-123, 20-127, 20-211, 20-235, 20-269, 20-2414, 20-2510, 20-2904, 20-3251, 44-282, 6-126, 20-583, 20-108, 20-210, 20-212, 20-768, 20-711, 20-223, 20-2402, 20-1631, 20-1632, 20-822, 20-1001, 41-1092, 41-1092.08, 20-2903