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Department of Insurance reviews budget, outlines PBM oversight, 1332 waiver benefits and wildfire insurance challenges
Summary
Director Dean Cameron briefed JFAC on the Department of Insurance budget, progress implementing pharmacy benefit manager reporting under House Bill 596, outcomes from the state’s 1332 waiver and concerns about wildfire‑driven property insurance market tightening.
The Department of Insurance presented its fiscal 2026 budget review to the Joint Finance‑Appropriations Committee on Jan. 21, detailing resource requests for actuarial work, regulatory compliance, state fire marshal compensation and equipment, and describing implementation of recent pharmacy benefit manager (PBM) reforms and the state’s 1332 waiver.
Noah Peterson, Legislative Services Office budget analyst, outlined the department’s organizational structure and funds. The department has 75.5 authorized full‑time positions: 63.5 in insurance regulation and 12 in the State Fire Marshal division. Peterson explained the department administers premium tax distributions to multiple destinations, including the general fund, a high‑risk reinsurance pool and firefighter retirement programs, and that the agency reverted roughly $2.2 million of its FY2024 appropriation.
Director Dean Cameron said PBM reporting requirements established by legislation that took effect Jan. 1 are in the early…
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