The bill amends Chapter 24 of Title 41 of the Idaho Code to establish the Idaho Wildfire Risk Mitigation Fund Act, which aims to reduce wildfire risks and lower property insurance costs by promoting self-reliance among property owners. It introduces several new sections, including legislative intent, definitions, the establishment 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 for purposes such as providing grants for wildfire risk mitigation, improving access to property insurance, and receiving funding from various sources, including excess premium taxes and private contributions.

Additionally, the bill revises existing provisions regarding the deposit and reporting of fees, licenses, and taxes collected by the Director. It specifies that a portion of the premium tax revenue will be allocated to the newly established Wildfire Risk Mitigation Fund once certain thresholds are met. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

Statutes affected:
Bill Text: 41-406