CLICS/CLICS2024A/commsumm.nsf
PUBLIC
BILL SUMMARY For PRESENTATION FROM THE DIVISION OF INSURANCE
INTERIM COMMITTEE WILDFIRE MATTERS REVIEW COMMITTEE
Date Jul 18, 2024
Location Old State Library
Presentation from the Division of Insurance - Committee Discussion Only
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09:12:01 AM |
Senator Cutter, Chair,
called the meeting to order and reviewed the meeting agenda (Attachment
A). The committee took a brief recess.
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09:12:18 AM |
The committee came back to order.
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09:12:34 AM |
Commission Michael
Conway, representing the Division of Insurance in the Department of Regulatory
Affairs, made a presentation to the committee (Attachment B). He
reviewed information about recent media reports about the home insurance
market. Commissioner Conway reviewed information about homeowner insurance
premiums. He reviewed information about recent legislation related to homeowners
insurance and wildfires, including House Bill 23-1174, House Bill 23-1288,
House Bill 24-1315, and House Bill 24-1108.
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09:19:49 AM |
Commissioner Conway continued to review information about the Fair Access to Insurance Requirements (FAIR) Plan established by House Bill 23-1288. He reviewed additional information about House Bill 23-1174 concerning underinsurance and the reconstruction cost report that is due on April 1, 2025.
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09:22:55 AM |
Commissioner Conway reviewed the community outreach and education the division is doing, including community and stakeholder meetings. He discussed the global reinsurance market. Commissioner Conway explained home hardening programs. He stated that nine states have these programs, including Alabama, Louisiana, Minnesota, and Oklahoma. Commissioner Conway explained how the division is learning about these programs.
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09:29:21 AM |
Commissioner Conway discussed wildfire risk models, which are used by insurers to evaluate where to write business and the premiums they charge. He discussed the challenges with the homeowner insurance market and how mitigation is key. He reviewed the steps the division are taking to address the homeowner insurance issues, along with online resources that are available from the division.
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