Relating to insuring against the peril of wildfire; declaring an emergency.
Catchline/Summary:
Directs the State Accident Insurance Fund Corporation to establish a division or subsidiary for the purpose of issuing policies of fire insurance and property insurance against the peril of wildfire. Digest: Tells a state agency to make fire insurance and property insurance available to people in this state to protect against wild fires. Sets up a fund for this purpose. Says that the agency must focus on insurance in areas where insurers do not do enough to protect people. (Flesch Readability Score: 60.1).
Directs the State Accident Insurance Fund Corporation to establish a division or subsidiary for the purpose of issuing policies of fire insurance and property insurance against the peril of wildfire. Provides that the corporation shall preferentially issue policies of insurance in locations and insurance markets in this state in which other insurers do not provide fire insurance or property insurance against the peril of wildfire or in which existing policies are inadequate. Establishes the Wildfire Risk Insurance Fund within the State Treasury for the use of the corporation in providing insurance under the Act.
Declares an emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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