This bill establishes the Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance, aimed at evaluating the effects of climate change on both residential and commercial property insurance in New Jersey. The task force will consist of 17 members, including state cabinet officials, legislators from both political parties, and representatives from the private sector and nonprofit organizations, all appointed by the Governor with Senate approval. The task force's responsibilities include analyzing how state and federal programs, such as the National Flood Insurance Program, may inadvertently encourage risky property decisions, identifying areas where insurance costs do not reflect actual risks, and assessing the long-term insurability of properties in light of climate change.

The task force is required to submit a comprehensive report to the Governor and the Legislature within one year of all members being appointed. This report will detail the findings and recommendations regarding the impact of climate change on property insurance, including any inadequacies in existing laws or practices. Following the submission of the report, the task force will be dissolved. The bill emphasizes the need for high-quality, comprehensive property insurance and aims to address the challenges posed by climate change to ensure the safety and economic viability of New Jersey's communities.