HB 2054 Summary

• Changes license renewal dates from various dates (June 30, July 31, September 30) to December 31 for consumer lenders, debt management companies, escrow agents, and advance fee loan brokers under the Department of Insurance and Financial Institutions.

• Establishes a homeowners insurance data reporting requirement effective through December 31, 2027, requiring insurers to report annual policy information in designated fire risk areas, with aggregated data compiled into public annual reports.

• Creates a Fire Insurance Review Task Force with members from DIFI, the insurance industry, wildfire risk organizations, and the Arizona Department of Forestry and Fire Management to review insurance market data and recommend wildfire mitigation strategies.

• Enacts the Interstate Insurance Product Regulation Compact to establish uniform standards for individual and group annuity, life insurance, disability income, and long-term care insurance products across participating states, with Arizona opting out of long-term care insurance standards.

• Updates various insurance and financial regulatory provisions including requirements for extended warranty insurers, motor vehicle insurers' electronic communications, health care insurer medical director qualifications, and sales finance company licensing procedures.