SJR22 Summary

• Urges Gulf Coast counties in Alabama, the Department of Insurance, and the Executive Office to explore formation of an Interstate Re-Insurance Coastal Band to address escalating property insurance premiums.

• Addresses crisis in Baldwin and Mobile Counties where thousands of residents have been dropped by property insurance companies since 2005, with negative economic impacts on coastal regions.

• Notes the federal Biggert-Waters Act of 2012 and new FEMA flood maps will further increase federal flood insurance costs as grandfathering discounts are phased out.

• Coastal band concept would be funded by premiums rather than taxes and would coordinate with eight other Gulf and Atlantic coastal states exploring similar interstate reinsurance solutions.

• Support resolutions do not commit counties or municipalities to final findings or financial expenditures, only to explore the feasibility of such an entity.