The proposed bill would update current statutes by introducing new requirements for homeowners insurers to file specific policy information and underwriting guidelines related to fire loss and wildfire risk with the Director of the Department of Insurance and Financial Institutions (DIFI). It establishes the Fire Insurance Review Task Force, which will consist of various members, including representatives from the insurance industry and wildfire risk organizations, tasked with reviewing insurance premiums and policy coverages across Arizona. The bill also modifies license renewal deadlines for various financial institutions, shifting them to December 31 of each year, and eliminates Arizona's opt-out of uniform standards for long-term care insurance products.

Additionally, the bill mandates that homeowners insurers report detailed information about their policies, including reasons for nonrenewal or cancellation, while ensuring this information remains confidential. It requires the Task Force to hold a minimum of four meetings annually, submit an annual report by December 31, and have the report posted on the DIFI website. The bill also stipulates that underwriting guidelines related to fire loss risk must be filed within 30 days of effectiveness, be actuarially justified, and prohibits unfair discrimination. Furthermore, it streamlines the licensing process for financial institutions by shifting renewal deadlines and introducing a late fee for late applications, while allowing current license holders to defer renewal until December 31, 2025, under certain conditions.

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