WAS LEG approved Bill HB 2329 to create new provisions related to the study of the insurance markets for housing providers and housing trust fund resources.
Insurance Market Study
Bill provides that the WAS INS is required to conduct a study on property/liability insurance coverages for housing providers receiving housing trust fund resources.
Also relates to insurance coverage that is serving extremely low-income households.
Study is needed so that the state can keep housing providers in operation and ensure they are appropriately insured so the state can house some of its vulnerable residents.
OIC must also obtain data, from entities transacting insurance with applicable housing providers from the previous five years, on premiums, policies and claims activities.
Commissioner to send report on findings to appropriate committee by Dec. 31, 2024.
Report must have recommendations on potential policy/budget options, considerations re development of a high-risk sharing pool as well as reinsurance market volatility.
Legislative History
On Jan. 12, 2024, bill introduced in House; on Feb. 13, 2024, bill was passed in House.
On Feb. 15, 2024, bill delivered to Senate; on Feb. 27, 2024, bill passed in Senate.
On Mar. 1, 2024, bill delivered to governor; on Mar. 13, 2024, bill signed by governor.
On Mar. 13, 2024, bill became Chapter 74 of laws of 2024, effective Jun. 6, 2024.
Effectiveness
Bill HB 2329 re review of insurance and housing trust funds, is effective Jun. 6, 2024.
