House Bill 20-1142: Hazard Mitigation Enterprise

• Creates the hazard mitigation enterprise within the Department of Public Safety to administer a fee-based grant program for pre-disaster hazard mitigation measures.

• Imposes a 0.05% fee on insurance premiums collected by companies offering property and casualty insurance (fire, homeowners, commercial multiple peril, earthquake, flood, auto, aircraft, and boiler/machinery policies).

• Enterprise awards grants to state agencies and political subdivisions applying for federal hazard mitigation grants that require matching funds, with limits of no more than 80% of annual fund revenue for grants and no more than 25% in any single award.

• Enterprise provides public education on insurance importance for risk reduction and continuity of business operations, and supplies technical information to local governments on natural hazard mitigation through land use and building codes.

• Enterprise must submit annual reports by July 1 to relevant legislative committees detailing fund balances, grant applications, awards, grantee actions, progress toward hazard mitigation goals, and suggested legislative changes.