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) by April 1 each year. Additionally, the bill establishes the Fire Insurance Review Task Force, which will analyze aggregated insurance premium data and consumer complaints related to fire risk, make recommendations on building codes and fire risk mitigation strategies, and submit annual reports to state leaders and DIFI.

Moreover, the bill modifies license renewal deadlines for various financial entities, shifting them to December 31, and eliminates the state's opt-out of uniform standards for long-term care insurance products. It also introduces new requirements for motor vehicle insurance claims communications, allowing electronic submissions and responses within ten business days. The bill repeals the requirement for insurers to file fire loss risk underwriting guidelines and disbands the Task Force by January 1, 2028. Overall, these updates aim to enhance oversight, transparency, and responsiveness in the insurance sector while streamlining certain reporting processes.

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