This bill proposes to amend Arizona Revised Statutes by adding new sections related to residential property insurance. It mandates the Department to compile and publish an annual list of residential property insurance companies, detailing various metrics such as premiums, average premiums by zip code, reasons for denial of reinsurance coverage, policy lapses, claims paid, and fire rating scores. Additionally, it defines "residential property insurance" and outlines the requirements for underwriting guidelines, emphasizing that they must be actuarially justified and not unfairly discriminatory.

The bill also clarifies the definition of "underwriting guideline" and specifies that residential property insurance includes various types of coverage, such as fire insurance and homeowner's insurance. The current law regarding the filing of underwriting guidelines by residential property insurance companies remains unchanged, but the new provisions will enhance transparency and accountability in the insurance market by providing consumers with critical information about their insurance options.

Statutes affected:
Introduced Version: 20-123, 20-391.01