Rule detail : 252942

WAS LEG Affordable Homes Insurance

Updated on: May 12, 2025

WAS LEG passed HB 1516 on conducting a study of insurance coverage options.
Document dated Apr. 16, 2025, was received on Apr. 30, 2025, due to a fixed feed.
Bill Provisions
Directs study on insurance options for permanently affordable homeownership units.
In consultation with authorized, unauthorized insurers of permanently affordable units.
Insurers must provide past insurance market study data, other data as requested.
Study to include actuarial analysis of condo construction defect liability risk pools.
Legislative History
On Jan. 22, 2025, bill introduced in House; on Mar. 11, 2025, bill passed in House.
On Mar. 13, 2025, bill introduced in Senate; on Apr. 16, 2025, bill passed in Senate.
Effectiveness
Upon governor approval, bill takes effect Jul. 26, 2025, only if funded in the budget.
May 2025 WAS LEG Governor Approval
On May 7, 2025, WAS LEG governor approved HB 1516, effective Jul. 26, 2025.

Regulators

WAS LEG

Entity Types

Ins

Reference

PR, Bill 5/7/2025; Bill HB1516, 4/16/2025

Functions

Actuarial and Valuation; Compliance; Legal; Product Administration; Reporting; Research; Underwriting

Countries

United States of America