SB 106 Summary

• Requires insurers to provide written notice of non-renewal at least 20 days in advance for personal insurance policies and 45 days for business or commercial policies before the policy expires or annual anniversary date.

• Prohibits insurers from failing to renew a homeowner's insurance policy based solely on the earliest claim made within the three-year period preceding the policy's annual anniversary if the claim arises from a criminal act committed by a third party.

• Provides that if required notice of non-renewal is not given, the existing policy shall continue until the insurer provides notice for the required period.

• Establishes that the restrictions do not apply if the insurer has manifested good faith willingness to renew, the insured failed to pay premium, or the policy is a business or commercial policy placed under AS 21.34.

• Takes effect July 1, 2020, and applies to insurance policies entered into or renewed on or after that date; authorizes the director of the division of insurance to adopt necessary implementing regulations.