Senate rules committee hears wildfire insurance bill to force insurer transparency on mitigation

Summary

At a March 2 public hearing, proponents urged SB 1540 would require insurers to submit wildfire and catastrophe models to state review and reward property- and community-level mitigation; insurance trade groups warned the bill is premature for Oregon’s data environment and urged more time for stakeholder work.

The Senate Committee on Rules on March 2 heard testimony on Senate Bill 15 40, which would require insurers that use catastrophe or wildfire risk models to file those models with the Department of Consumer and Business Services for review, consider property- and community-level mitigation in underwriting, publish mitigation and appeal information, and support the creation of a statewide mitigation database.

Senator Golden, who introduced the bill in the committee, said SB 15 40 responds to an urgent problem: homeowners in fire-prone areas increasingly cannot find or afford insurance. "Oregonians who take every reasonable step to reduce wildfire risk on their property should be able to access adequate and affordable insurance," he said, urging the committee to support the bill as a practical step following…

Senate rules committee hears wildfire insurance bill to force insurer transparency on mitigation

Summary

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