The proposed bill would update current statutes by introducing new reporting requirements for homeowners insurers, mandating them to provide annual aggregated and deidentified data on insurance premiums, policy coverage, and consumer complaints related to nonrenewal or cancellation due to fire risk. It establishes the Fire Insurance Review Task Force, which will analyze this data, identify trends, and make recommendations for fire risk mitigation. The Task Force is required to hold at least four meetings annually and submit an annual report to state officials, including the Governor and the Department of Insurance and Financial Institutions (DIFI).

Additionally, the bill modifies license renewal deadlines for various financial entities, shifting them to December 31, and allows for a temporary extension of license renewals until December 31, 2025, for certain active licenses. It also streamlines communication requirements for motor vehicle insurance claims, including accepting electronic submissions and responding within ten business days. The bill repeals the requirement for medical directors to sign written denials of prior authorizations and removes the obligation for insurers to submit an annual homeowners insurance policy report by January 1, 2028. Overall, these updates aim to enhance regulatory oversight, transparency, and consumer protection in the insurance sector.

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