CS for Senate Bill No. 160(L&C) - Flood Insurance

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

• Creates a seven-member board consisting of three insurer representatives, two consumer representatives, one banking/mortgage industry representative, and one Alaska Housing Finance Corporation representative, with the insurance director as a nonvoting ex officio member.

• Requires the authority to offer at least one state flood insurance plan with coverage matching the National Flood Insurance Program, with premiums based primarily on actual historical flood and damage data.

• Funds the authority through member dues and assessments equal to 2.7 percent of each member's direct premium written for in-state property insurance, with a $100 per day civil penalty for non-payment and potential revocation of authority to transact business.

• Establishes an Alaska flood insurance fund and authorizes up to $5,000,000 in legislative appropriations from Alaska Housing Finance Corporation cash reserves if member assessments are insufficient to cover claims.

• Takes effect July 1, 2023, with a January 1, 2024 deadline for the authority to submit a suitable plan of operation or the director may adopt interim regulations.