Committee Hears Bill Requiring Insurers to Disclose Wildfire Risk Scores to Consumers
A Feb. 24 committee hearing reviewed Engrossed Substitute Senate Bill 5,928, which would require insurers using wildfire risk scores to disclose scores and model information to policyholders after adverse actions and to the Office of the Insurance Commissioner (OIC) in confidential filings. Supporters say the measure improves transparency and incentives for mitigation; insurers warn of implementation cost and timing concerns.
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The Consumer Protection and Business Committee on Feb. 24 heard testimony on Engrossed Substitute Senate Bill 5,928, a measure that would force property insurers that use wildfire risk scores to disclose those scores to policyholders when premiums rise or a policy is nonrenewed or canceled, and to file the underlying wildfire risk models confidentially with the Office of the Insurance Commissioner.
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