This bill amends existing laws related to insurance regulations, specifically focusing on the risks associated with extreme weather events. It introduces new provisions aimed at promoting "fortified home and commercial standards" and other mitigation and resiliency programs to reduce losses from extreme weather phenomena such as heavy precipitation, storm surges, and hurricanes. Key insertions include the establishment of a new purpose in RSA 412:1 to incentivize these standards, a definition of "fortified home and commercial standards" in RSA 412:3, and a requirement for the commissioner to develop consumer information regarding these standards and associated risks in RSA 412:4. The bill mandates that a comprehensive report be made available by January 1, 2028, and every five years thereafter, detailing areas at risk of insurance coverage loss or price increases due to extreme weather.

Additionally, the bill modifies the criteria for determining insurance rates in RSA 412:15, emphasizing the importance of considering fortified standards and mitigation measures. It also updates the definition of "uninsurable" property in RSA 417-B:3 to reflect these new standards. The bill does not impose any fiscal impact on state, county, or local expenditures or revenues, as confirmed by the Office of Legislative Budget Assistant. The act is set to take effect on January 1, 2027.

Statutes affected:
Introduced: 412:1, 412:3, 412:4, 412:15, 417:4, 417-B:3
SB565 text: 412:1, 412:3, 412:4, 412:15, 417:4, 417-B:3