AK HB102

Increases the cap on unobligated money that may be retained in the state insurance catastrophe reserve account from $5,000,000 to $50,000,000

Allows the Department of Administration to allocate amounts to the catastrophe reserve account from insurance-related appropriations across all state agencies

Money remaining in the account at the end of a fiscal year does not lapse, except for amounts determined unnecessary to maintain the account

The $50,000,000 cap applies only to unobligated money in the account at the end of a fiscal year

Act takes effect June 30, 2022