ME LD1674

Establishes the "Insuring Our Communities Act" requiring insurers with over $10 million in direct premiums written in Maine to annually report their investments and underwriting activities related to fossil fuel companies and projects, beginning September 15, 2026

Prohibits insurers from underwriting new fossil fuel projects (defined as projects beyond what is in development as of September 15, 2025) and requires them to phase out existing fossil fuel-related underwriting

Mandates that by September 15, 2030, all insurers doing business in Maine must certify complete divestment from companies deriving 10% or more of revenue from fossil fuel activities and from fossil fuel infrastructure projects

Requires the Bureau of Insurance to integrate the "precautionary principle" into regulation, taking actions to prevent climate risk even without full scientific certainty

Directs the superintendent to submit biennial reports to the Legislature on implementation efforts, insurance affordability impacts on disadvantaged communities, and insurers' climate change readiness