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Department of Insurance briefs JFAC on PBM oversight, wildfire insurance pressures and enhancement requests
Summary
Director Dean Cameron told the Joint Finance-Appropriations Committee on Jan. 21 the Department of Insurance seeks targeted staff and capital items for 2026, is implementing House Bill 596 reporting, and cited wildfire and reinsurance market pressures that are raising homeowner insurance concerns across the state.
The Joint Finance-Appropriations Committee on Jan. 21 heard the Department of Insurance’s budget overview and four enhancement requests for fiscal 2026, along with implementation updates on pharmacy benefit manager (PBM) reporting and the state’s use of a federal Section 1332 waiver.
Noah Peterson of the Legislative Services Office presented the department’s organizational and fund structure. The Department of Insurance has 75.5 approved full‑time positions (63.5 in insurance regulation and 12 in the State Fire Marshal Division). The agency operates two dedicated funds discussed in the presentation: the Arson, Fire and Fraud Prevention Fund (supporting the State Fire Marshal) and the Insurance Administrative Fund (licensing, examinations and investigations). The analyst also outlined premium tax distribution mechanics and showed fiscal trends for premium tax receipts and distributions to the general fund and other entities.
For fiscal 2026 the department requested four enhancement items: (1) a staff actuary (listed as $201,900…
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