Section 1 of the bill creates the hazard mitigation enterprise (enterprise). The enterprise collects a fee on insurance companies that offer certain insurance policies and use the fee revenue to finance the hazard mitigation grant program, provide public education on the importance of insurance in buying down risk and for the continuity of business operations, and provide local governments technical information and support on natural hazard mitigation through land use and building codes. The enterprise awards hazard mitigation grants to assist entities that apply for federal grants that require matching funds and are dedicated to assisting in the implementation of pre-disaster hazard mitigation measures.
Section 2 sets the fee at .05% of the insurance premiums collected by insurance companies that offer certain insurance policies.
The enterprise shall submit a report by July 1 of each year to the committees of reference of the general assembly to which the department of public safety is assigned regarding the grant program.
(Note: This summary applies to this bill as introduced.)