Insurance.

Senator Allen's insurance market reform legislation requires large insurers to submit detailed annual reports on their reinsurance programs and catastrophic risk modeling, while expanding consumer protections during declared emergencies. Beginning March 2026, insurance groups with over $50 million in specified premiums must provide data on reinsurance strategies and probabilistic models used to assess climate-related risks. The Department of Insurance will publish aggregated findings while maintaining confidentiality of company-specific information.

The legislation extends the timeline for policyholders to collect full replacement costs after losses during declared emergencies from 12 to 36 months. Insurers must allow at least 100 days for proof of loss documentation and grant three-month extensions when circumstances like contractor unavailability or property access restrictions cause delays. For total losses of furnished homes during emergencies, advance payments for personal property increase to 60% of policy limits up to $350,000, though insurers may require attestation that contents value exceeded the advance.

The measure establishes penalties for reporting non-compliance, with fines up to $5,000 per 30-day period, increasing to $10,000 for willful violations with a $100,000 maximum. Insurance companies may request 30-day filing extensions for unforeseen circumstances. All policy forms must incorporate these changes by July 2026.