Plain English Breakdown
The official source states the study must be conducted 'in consultation with specified entities,' but it does not list who these other entities are.
Study on Insurance for Affordable Housing
This law requires the Department of Insurance to study property, liability, and builders' risk insurance options for affordable housing groups that receive specific state funding.
What This Bill Does
- Requires the Department of Insurance to conduct a study after money is approved by the legislature.
- Asks insurers to share information needed for the study with the commissioner.
- Directs the department to find barriers that stop affordable housing groups from getting proper insurance.
- Orders an analysis of how income levels or sources affect insurance offers and prices.
- Mandates a report with policy recommendations be sent to state legislative committees within one year.
Who It Names or Affects
- The Department of Insurance
- Insurance companies operating in the state
- Affordable housing entities that receive grants, loans, or tax credits from specific state agencies
Terms To Know
- Appropriation
- Money officially set aside by the government to pay for a project.
- Builders' risk insurance
- Coverage that protects buildings while they are being constructed or renovated.
- Affordable housing entities
- Groups defined by law that manage homes for people with lower incomes and receive state funding from specific agencies.
Limits and Unknowns
- The study can only begin after the legislature approves spending money.
- This law will end on January 1, 2031.
- The text does not specify exactly which affordable housing groups qualify beyond those receiving specific state awards.