The bill establishes the "Idaho Wildfire Risk Mitigation and Stabilization Pool Act," aimed at assisting homeowners and property owners in mitigating wildfire risks and enhancing access to property insurance. It introduces several new sections to Chapter 24, Title 41 of the Idaho Code, including legislative intent, definitions, and provisions for the establishment of a wildfire risk mitigation and stabilization pool, fund, and board. The pool will be governed by a board of directors appointed by the director of the Department of Insurance and will be responsible for creating a plan of operation, managing funding sources, and implementing programs to reduce wildfire risks.

Additionally, the bill outlines the funding mechanisms for the pool, which will include premium taxes, grants, and participation charges from insurers. It also provides certain immunities and liabilities for board members and participating insurers, ensuring they are not held liable for actions taken in good faith while performing their duties. The bill amends existing law to allocate a portion of premium tax revenues to the newly established pool, thereby enhancing the state's capacity to address wildfire risks effectively. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 41-406