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OR SB885
Bill
Status
Failed
6/27/2025
Primary Sponsor
David Smith
Click for details
AI Summary
- State Accident Insurance Fund Corporation must establish a division or subsidiary to issue fire and property insurance policies protecting Oregon residents against wildfire damage
- Priority coverage goes to locations and markets where private insurers do not provide adequate wildfire insurance or have withdrawn from the market
- Wildfire Risk Insurance Fund established within the State Treasury, separate from the General Fund, to fund the insurance program with interest earnings credited back to the fund
- $100,000,000 appropriated from the General Fund for the biennium beginning July 1, 2025 to launch the program
- SAIF board of directors expands from five to seven members, with at least one member required to hold a wildfire insurance policy from the corporation
Legislative Description
Relating to insuring against the peril of wildfire; declaring an emergency.
Last Action
In committee upon adjournment.
6/27/2025
Committee Referrals
Natural Resources and Wildfire1/21/2025
Full Bill Text
No bill text available