This bill establishes the Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance in New Jersey, aimed at evaluating the effects of climate change on both residential and commercial property insurance. The task force will consist of 13 members, including state commissioners, legislative representatives from both parties, and members from the private and nonprofit sectors. Its primary objectives include assessing how state and insurance industry practices may inadvertently encourage risky decision-making, identifying areas where insurance pricing does not align with actual risk, and exploring the implications of climate change on property insurability and affordable housing.

The task force is tasked with submitting a comprehensive report within one year of its formation, detailing its findings and recommendations regarding the impact of climate change on property insurance. This report will address current and potential concerns, evaluate whether existing laws adequately respond to these issues, and propose necessary changes. The task force will dissolve upon the submission of this report, ensuring a focused and timely response to the pressing challenges posed by climate change in relation to property insurance.