SB 226 Summary

• Establishes the Alaska Flood Authority as a nonprofit entity with membership consisting of all property insurers licensed in the state to increase flood insurance availability.

• Creates a reinsurance program to cover real property and improvements in special flood hazard areas, funded by member assessments of up to 6% of direct premiums written.

• Allows insurers to offset 50% of their authority assessments as a premium tax credit against state premium taxes, with unused credits carrying over to the following year.

• Requires flood insurance rates to prioritize actual historical flood and damage data specific to the insured property, changing from a mandatory standard to primary consideration basis.

• Establishes the Alaska Flood Insurance Fund in the general fund, with surplus revenues potentially allocated for community flood mitigation planning and construction with federal matching funds.