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 provisions for the creation of a wildfire risk mitigation and stabilization pool, a fund to support this initiative, and a governing board responsible for overseeing its operations. The bill outlines the board's composition, powers, and responsibilities, including the development of a plan of operation and the establishment of funding sources for the pool.

Additionally, the bill amends existing law to allocate a portion of the premium tax revenue to the newly established wildfire risk mitigation and stabilization pool. It provides immunity and liability protections for board members and participating insurers, ensuring that they are not held liable for actions taken in good faith while performing their duties under the act. The bill declares an emergency, making it effective on July 1, 2025, and aims to promote a stable and competitive property insurance marketplace while reducing the financial burden of wildfire risks on communities.

Statutes affected:
Bill Text: 41-406