IN SB0194

Requires insurers to notify the state fire marshal when a building or structure covered by their policy is damaged by fire or explosion and the available insurance proceeds exceed 70% of the actual cash value payable to the insured

Mandates insurers withhold payment of claims for 10 business days after notifying the state fire marshal, with an additional 15-day extension available upon municipality request

Establishes a system where municipalities can request through their enforcement authority to receive reports from the state fire marshal about fire-damaged structures with insurance coverage in their jurisdiction

Expands coverage from only first and second class cities to all municipalities as defined in IC 36-1-2-11

Repeals existing provisions requiring insurers to remit up to 15% of insurance proceeds to escrow accounts for anticipated demolition or rehabilitation expenses under the previous notification system