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 introduces several new sections to Chapter 24, Title 41 of the Idaho Code, including legislative intent, the creation of the Wildfire Risk Mitigation Fund, and the powers and authority of the director of the Department of Insurance. The fund will be continuously appropriated to support various initiatives, such as improving access to property insurance in high-risk areas and providing grants for wildfire risk mitigation efforts.

Additionally, the bill amends existing provisions regarding the distribution of premium tax revenues to include a specific allocation to the Wildfire Risk Mitigation Fund. The director of the Department of Insurance is granted authority to create rules and policies for the fund's operation, including the management of assets and the provision of grants. The bill also declares an emergency, making it effective on July 1, 2025.

Statutes affected:
Bill Text: 41-406