This bill establishes a commission tasked with studying the impact of extreme weather on the reinsurance market and its subsequent effects on the cost and availability of property insurance in New Hampshire. The commission will consist of various members, including four representatives from the House, two from the Senate, the commissioner of the Department of Insurance, and two representatives from the insurance industry. The commission's responsibilities include analyzing the effects of past extreme weather events on reinsurance rates, assessing how future events will influence these rates, and evaluating the availability of reinsurance for small local carriers. The commission is required to report its findings and recommendations by November 1, 2026.

Additionally, the bill includes a repeal of RSA 400-A:69, which pertains to the commission studying the impacts of reinsurance on property insurance costs and availability, effective November 1, 2026. The new legal language inserted into the law establishes the commission and outlines its structure and duties, while the deletion removes the previous statute related to the commission. The bill emphasizes the growing concern over rising insurance costs, which have increased by approximately 20% due to factors such as extreme weather events and their impact on reinsurance pricing.

Statutes affected:
Introduced: 400-A:69