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Department of Insurance outlines budget, discusses PBM oversight and wildfire insurance pressures
Summary
The Department of Insurance presented its FY2026 requests, described implementation of pharmacy benefit manager reporting from last year’s PBM reform, and warned of wildfire‑driven pressure on property insurance markets while proposing mitigation and reinsurance ideas.
The Joint Finance Appropriations Committee on Jan. 21 heard the Department of Insurance’s budget overview and enhancement requests for fiscal year 2026, and discussed the department’s work on pharmacy benefit manager oversight, the high‑risk reinsurance pool and wildfire‑related insurance market stress.
Noah Peterson, legislative budget analyst, summarized the Department of Insurance’s two programs—Insurance Regulation and the State Fire Marshal—and noted the department has 75.5 approved full‑time positions (63.5 in insurance regulation; 12 in the fire marshal division). He said premium tax revenues are distributed across several statutory buckets, including an Arson, Fire and Fraud Prevention Fund and an Insurance Administrative Fund used for licensing and investigations.
Director Dean Cameron told the committee the department is implementing reforms from last year’s PBM…
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