The bill establishes the Idaho Wildfire Risk Mitigation Fund Act, which aims to assist homeowners and property owners in protecting their properties from wildfire risks. It includes provisions for the creation of a new fund within the state treasury, designated as the Wildfire Risk Mitigation Fund, which will receive funding from various sources, including premium taxes and grants. The fund is intended to improve access to property insurance in high-risk areas and to provide financial support for wildfire risk mitigation efforts, such as grants and educational programs. The director of the Department of Insurance is granted authority to manage the fund, promulgate rules, and establish policies for its operation.

Additionally, the bill amends existing law to ensure a portion of the premium tax collected is allocated to the Wildfire Risk Mitigation Fund, specifically stating that if the premium tax exceeds $113 million, one-fourth of the excess will be appropriated to this fund. The bill also includes a declaration of emergency, making it effective from July 1, 2025. The changes to the law include the addition of new sections outlining the legislative intent, the establishment of the fund, the powers of the director, and the funding sources, while also amending existing provisions related to the distribution of premium taxes.

Statutes affected:
Bill Text: 41-406