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Department of Insurance updates JFAC on PBM oversight, 1332 waiver, wildfire risks and proposed mitigation pool
Summary
Director Dean Cameron told the Joint Finance Appropriations Committee on Jan. 21 that the Department of Insurance is collecting PBM data, administering a federal 1332 waiver and considering legislation to create a homeowner resilience pool to limit wildfire‑driven insurance disruption.
The Joint Finance Appropriations Committee on Jan. 21 heard a budget presentation from the Idaho Department of Insurance that covered pharmacy benefit manager oversight, the state’s federal 1332 waiver and high‑risk reinsurance, and growing wildfire pressures on the homeowner insurance market.
Noah Peterson, a budget and policy analyst with the Legislative Services Office, presented the Department of Insurance’s fiscal history and enhancement requests. The department has 75.5 full‑time positions approved; its two dedicated funds are the Arson Fire and Fraud Prevention Fund (for the State Fire Marshal) and the Insurance Administrative Fund (for licensing, examinations and investigations). Peterson told the committee the department reverted just under $2.2 million in fiscal 2024 and that personnel accounted for about 69.3% of the department’s 2024 expenditures.
Dean Cameron, director of the Idaho…
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