AK SB11

Establishes the Alaska Flood Authority as a nonprofit entity with mandatory membership for all property insurers licensed in the state, governed by a 7-member board including insurer representatives, consumers, banking industry, and Alaska Housing Finance Corporation

Creates a state flood insurance program offering coverage up to $1,000,000 for residential properties and $2,000,000 for commercial properties in special flood hazard areas, with premium rates based primarily on actual historical flood and damage data rather than federal flood maps

Funds the program through member dues, assessments on insurers, and premiums deposited into a new Alaska flood insurance fund; authorizes up to $5,000,000 from Alaska Housing Finance Corporation reserves if claims exceed available funds

Requires the authority to submit a plan of operation by January 1, 2027, and deliver annual reports comparing the state program's benefits to the federal National Flood Insurance Program

Takes effect July 1, 2026, and applies to insurance policies entered into or renewed after that date