Vote Smart's Synopsis:

Vote to pass a bill that amends various state property insurance laws.

Highlights:

• Amends the definition of “prohibited advertisement” to include 12 point font that communicates that the consumer is responsible for payment of any insurance deductible and that insurance fraud is punishable as a third degree felony (Pg. 2, Sec. 1).

• Specifies that any new personal lines residential policy written by a corporation with an effective date on or after January 1, 2023 which covers risk written by un unsound insurer be charged a premium for coverage that is the higher of the last premium charged by the corproration (Pg. 41, Sec. 1).

• Defines “unsound insurer” as an insurer determined by the Office of Insurance Regulation to be in unsound condition, or an insurer placed in recevership (Pg. 41, Sec. 1).

Full Bill Text