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JFAC reviews Department of Insurance budget; lawmakers probe PBM compliance, wildfire impacts and proposed homeowner resilience pool
Summary
The Department of Insurance presented its FY2026 enhancement requests including a staff actuary, regulatory compliance role, pay increases for fire marshal staff and capital outlay for fire response; director described PBM oversight work, high‑risk reinsurance and concern about wildfire‑driven insurance market tightening.
The Joint Finance Appropriations Committee on Jan. 21 heard from the Department of Insurance about its FY2026 budget priorities and ongoing implementation of last year’s pharmacy benefit manager reform.
Noah Peterson, budget and policy analyst with the Legislative Services Office, told the committee the department has 75.5 approved full‑time positions, with 63.5 in insurance regulation and 12 in the state fire marshal division. Peterson said the department reverted just under $2.2 million in FY2024: roughly $917,000 in personnel and $1,277,000 in operating expenditures.
Dean Cameron, director of the Department of Insurance, told committee members the agency is implementing House Bill 596 and has received a trailer appropriation…
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