SB 495: Insurance.

The bill requires admitted insurers to submit a report to the commissioner on or before March 1, 2026, and annually thereafter, including data on reinsurance program placement and use of probabilistic catastrophic models. The report must include data from the latest available reinsurance treaty year and be posted to the department's internet website. Insurers are required to pay a civil penalty of up to $5,000 for each 30-day period of non-compliance. The bill also restricts the requirement for proof of loss in cases of state of emergency, allowing for extensions of up to 3 months for good cause. Insurers are required to provide 60% of the policy limit for personal property covered under the policy, up to a maximum of $350,000, without requiring an itemized claim in cases of declared state of emergency.