Senate amendment adds wildfire reporting and a task force to insurance compact bill amid market volatility

Summary

House Bill 2054 (DiFi Financial Enterprises Insurance Compact) modifies insurer licensing timelines, adds wildfire-related property insurance reporting and creates a task force to review property insurance market volatility; sponsor and caucus members described robust stakeholder engagement and unanimous Senate passage.

House Bill 2054, described in the caucus, makes changes to insurance licensing expiration and renewal timelines for insurers under the DiFi Financial Enterprises Insurance Compact and adds reporting requirements related to property insurance and wildfire coverage.

The Senate amendment also removes certain director duties to streamline task force formation; the amendment establishes a task force to review issues the state is experiencing with property insurance renewals, denials and nonrenewals. Nicole (member) said the bill went through a robust stakeholder process, passed the Senate unanimously, and she encouraged caucus support, saying it should help calm market volatility and reduce nonrenewals and costs for policyholders.

Caucus discussion was supportive in tone and limited in substantive follow-up during the briefing. The transcript shows the bill summary, the sponsor’s remarks about stakeholder process and unanimous Senate passage, but no formal caucus action during the meeting.