IN HB1023

Expands the insurance proceeds set-aside law from applying only to cities with populations over 35,000 in certain counties to all consolidated cities, counties, and municipalities that have adopted the unsafe building law by ordinance

Requires insurers to notify local enforcement authorities within 10 days of learning that a covered building has been damaged by fire or explosion, providing policy details including coverage nature and extent

Allows enforcement authorities to certify anticipated demolition or rehabilitation costs within 30 days of receiving insurer notice, requiring insurers to remit the lesser of 15% of available insurance proceeds or the certified cost amount

Remitted funds must be placed in an interest-bearing escrow account administered by the enforcement authority and local government unit, with claims required within one year of the fire/explosion or final case outcome

Effective July 1, 2011, applying to fire or explosion damage occurring after June 30, 2011