HB161 Summary

• Requires all property insurers and surplus producers to provide separate premium information on policy declaration pages for wind/hail coverage and non-wind/hail coverage for homeowners, dwelling, and commercial property policies, effective January 1, 2015.

• Mandates that proposed property rates with an effective date of 2015 be submitted to the Department of Insurance and displayed in the insurer's rate manual.

• Requires personal property insurers that use credit history in premium calculations to file credit rating factors and rating tiers separately for wind/hail coverage and non-wind/hail coverage, with statistical support demonstrating how credit history affects predictability of future losses for each coverage type.

• Allows insurers a one-year extension with Department of Insurance approval if they demonstrate technology implementation hardship.

• Becomes effective on the first day of the third month following passage and gubernatorial approval.