No. SB 160
Filed under Insurance.
Emergency Residential Property Insurance Assistance Trust Fund/Department of Financial Services; Creating the Emergency Residential Property Insurance Assistance Trust Fund within the Department of Financial Services; providing eligibility for financial assistance from the trust fund; providing for funding and administration of the trust fund; providing for future review and termination or re-creation of the trust fund, etc.
Plain English Summary
AI-GENERATEDA new trust fund inside the Department of Financial Services would give homeowners direct financial assistance to help pay rising homeowners' insurance premiums or cover other financial need.
Eligibility requires a total annual household income at or below $250,000 before taxes; homeowners above that threshold cannot receive assistance no matter how sharply their premiums have risen.
The trust fund is capitalized with $500 million from unallocated general revenue, and the Department of Financial Services administers it directly, with no other agency involved.
The law includes an automatic sunset: the fund terminates July 1, 2030 unless the Legislature re-creates it, and the fund must be reviewed under state law before that date.
AIEstablishes a new trust fund inside the Department of Financial Services solely to give direct financial assistance to homeowners struggling with their homeowners' insurance costs.
AIOnly homeowners whose total household income is $250,000 a year or less before taxes can receive help from the fund, regardless of how large their insurance increase was.
AIThe fund is capitalized with a single $500 million appropriation from unallocated general revenue, rather than fees or assessments on insurers or policyholders.
AIUnder the state's standard trust fund review law, this fund ends automatically on July 1, 2030 unless the Legislature acts to re-create it after review.