The proposed bill would update current statutes governing residential property insurance in Arizona by introducing new requirements for the Arizona Department of Insurance and Financial Institutions (DIFI) to compile and publish an annual list of residential property insurance companies. This list would include detailed metrics such as premiums, the number of insureds, claims data, and fire rating scores by zip code. Additionally, the bill mandates that residential property insurance companies file their underwriting guidelines with DIFI, ensuring these guidelines are fair, actuarially justified, and not discriminatory. It also clarifies the definition of "underwriting guideline" and emphasizes the need for transparency in the insurance process.

Moreover, the bill establishes the Wildfire Insurance Review Task Force within DIFI to review insurance premiums and policies in wildfire-prone areas, analyze customer complaints, and identify trends in insurance rates. It enhances the confidentiality of the information reported to DIFI, stating that it is not subject to public records laws unless a subpoena is issued. The Director is also required to prepare an annual report that aggregates and anonymizes the information submitted by insurers, making it publicly available. Overall, these updates aim to improve transparency, accountability, and consumer protection in the residential property insurance market.

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