INSURANCE/PROPERTY: Provides with respect to residential property and catastrophic event modeling
Read by title, under the rules, referred to the Committee on Insurance.
Summary
The bill makes insurance companies filing residential property rates provide a standardized disclosure of the catastrophe models they use, including details on wind and flood assumptions and whether post‑mitigation infrastructure is considered. It also obliges them to run sensitivity analyses comparing pre‑ and post‑mitigation scenarios and allows the insurance commissioner to require geographic risk differentiation. The aim is greater transparency and fairer pricing across the state.
AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.
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