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 provisions for the creation of a wildfire risk mitigation and stabilization pool, a fund, and a governing board. The board will consist of appointed members representing various stakeholders, including insurers, property insurance producers, consumer interests, and legislative members. The pool will receive funding from multiple sources, including premium taxes, grants, and participation charges from insurers.

Additionally, the bill outlines the powers and authority of the pool, including the ability to enter contracts, sue or be sued, and establish rules for its operation. It also provides for the establishment of a plan of operation to ensure fair and equitable administration of the pool. The bill includes provisions for immunity and liability protection for board members and participating insurers, ensuring they are not held liable for actions taken in good faith under the act. Furthermore, it amends existing law to allocate a portion of premium tax revenues to the newly established wildfire risk mitigation and stabilization pool. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 41-406