Raised Bill No. 6967 introduces comprehensive regulations regarding the assignment of post-loss benefits under homeowners and commercial property insurance policies, effective January 1, 2026. The bill mandates that any assignment agreement must be in writing, executed by both parties, and include specific provisions such as the assignor's right to rescind the agreement, a requirement for the assignee to provide a copy to the insurance company, and an itemized cost estimate for services. It prohibits certain fees in assignment agreements and places the burden of proof on the assignee in insurance claims, ensuring that homeowners and property owners are better protected and informed about their rights and obligations. Additionally, the bill establishes reporting requirements for the commissioner of insurance to evaluate claims data and trends annually.

The bill also revises regulations for home improvement contractors, requiring written contracts that include specific details such as the contractor's registration number and cancellation rights. It prohibits misleading advertisements and soliciting work without explicit owner instruction, while also mandating that contractors provide proof of hazardous material training and liability insurance for specific services. The legislation aims to enhance consumer protection by ensuring that contractors meet specific qualifications and adhere to clear guidelines, with various provisions taking effect on October 1, 2025, and January 1, 2026. Overall, Raised Bill No. 6967 seeks to strengthen regulatory oversight in the home improvement sector and improve the assignment process for insurance benefits.

Statutes affected:
Raised Bill: 20-419, 20-420, 20-429, 20-429a