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 a new chapter in the Idaho Code, which includes legislative intent, definitions, and provisions for the creation of a wildfire risk mitigation and stabilization pool, fund, and board. The pool will be governed by a board of directors, which will include representatives from various sectors, including insurers, property insurance producers, consumer interests, and legislative members. The board will be responsible for developing 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 to protect them from legal actions related to their duties under the act. The bill amends existing law to allocate a portion of premium tax revenues to the newly established pool, ensuring its financial sustainability. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 41-406