Department of Insurance reports PBM enforcement work, outlines wildfire risks and proposed mitigation pool

The Idaho Department of Insurance told the Joint Finance‑Appropriations Committee on Jan. 21 that it is enforcing pharmacy benefits manager (PBM) reforms enacted last year, collecting required PBM data and handling numerous consumer complaints while also monitoring wildfire‑related pressure on the property insurance market.

Noah Peterson, budget and policy analyst with the Legislative Services Office, presented the department’s FY2026 enhancement requests and fund summaries. Director Dean Cameron described several agency priorities to lawmakers: implementing PBM reporting and complaint handling under last year’s PBM reform; administering the state’s high‑risk reinsurance pool and a federal 1332 waiver that helps lower individual market rates; addressing wildfire risk to homeowners and the effect of reinsurance and catastrophic losses on carriers; and seeking legislation to create a mitigation and carrier‑support pool for homeowners.

Peterson told committee members the Department of Insurance has 75.5 approved FTPs (63.5 in the Insurance Regulation program and 12 in the State Fire Marshal division) and operates two dedicated funds: the Arson, Fire and Fraud Prevention Fund (for the State Fire Marshal) and the Insurance Administrative Fund (for licensing, examinations and investigations). He summarized fiscal 2024 activity: the department reverted about $2.2 million of its…