Bill > SB0338

This bill requires the Indiana Department of Insurance to submit three annual reports to the legislative council and the interim study committee on financial institutions and insurance by November 1st each year. The first report will detail homeowner's insurance complaints received during the previous calendar year, including specifics such as the insurance carrier, property ZIP code, policy details, complaint description, and resolution status. The second report will provide comprehensive data on homeowner's insurance claims and policies, including statistical information like claim closure ratios, percentage of unprocessed claims, nonrenewal and cancellation rates, total policies in force, and details about premium amounts and the use of aerial images in claim evaluation. The third report focuses on the Indiana FAIR (Fair Access to Insurance Requirements) Plan, requiring a complete history of underwriting standards since 1999, a list of properties insured through the FAIR Plan since 2015 with their annual insurance costs, and a list of properties rejected for insurance coverage during the same period, along with reasons for rejection. The bill defines homeowner's insurance as a policy providing coverage for residential structures, personal property damage, and civil liability protection, and is set to take effect on July 1, 2025.

Business and Industry

https://iga.in.gov/legislative/2025/bills/senate/338/details