HB 434 Summary

• Diverts $2,000,000 annually from nonadmitted insurance policy fees beginning July 1, 2020, into a revolving loan fund administered by the Commissioner of Insurance.

• Establishes the loan fund to provide counties and municipalities with financing to acquire tornado sirens.

• Authorizes the Commissioner of Insurance to adopt rules and regulations necessary to implement and administer the revolving loan fund.

• Repeals the nonadmitted policy fee diversion provisions on July 1, 2023.

• Takes effect July 1, 2020.