The proposed bill would update current statutes by introducing new requirements for residential property insurance companies in Arizona. Specifically, it mandates the Arizona Department of Insurance and Financial Institutions (DIFI) to compile and publish an annual list of insurance companies, detailing premiums, fees, and statistics related to insured properties and claims. Additionally, insurers would be required to file their underwriting guidelines with DIFI, ensuring these guidelines are fair, actuarially justified, and clearly identified for each insurer if filed collectively. The bill also establishes the Wildfire Insurance Review Task Force to analyze insurance premiums and coverages in wildfire-prone areas and address customer complaints regarding nonrenewals or premium increases.

Moreover, the bill clarifies that insurers are not obligated to provide explanations for policy cancellations or nonrenewals and ensures that the information reported to DIFI remains confidential, with certain exceptions for law enforcement. It also requires the Director of DIFI to prepare an annual report that aggregates and anonymizes insurer data for public access, enhancing transparency in the insurance market. Overall, these updates aim to improve consumer awareness and regulatory oversight while addressing specific concerns related to wildfire risks in residential property insurance.

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