Requires insurers to provide automatic, advance written premium change notices to common interest community policyholders and the Insurance Commissioner, with reasonable explanations and primary factors, disclosing the causes of any premium increase if, upon renewal, premiums are scheduled to increase more than an unspecified per cent. Requires insurers that renewed property insurance policies between 2022 and 2024 for policyholders that were condominium associations, planned community associations, or cooperative housing corporations in the State, to provide an explanation for certain premium increases during this period. Requires the Insurance Commissioner to submit a report to the Legislature.
- Chamber
- House
- Introduced
- Jan 16, 2025
- Last action
- Jan 16, 2025 — Pending introduction.
- Session
- 2026
- Momentum
- 30 · Low