Bill > HB0562

This bill establishes the Access to Insurance Plan Association, an independent state agency, to provide real property insurance coverage when it's not available from private insurers. This association, comprised of "member insurers" (companies that write property insurance in the state), will operate a "plan" for residual market property insurance, offering both residential and commercial property insurance policies. The association will be governed by a board appointed by the governor, with representation from insurers, insurance producers, and consumers, and will be responsible for equitably distributing expenses and losses among member insurers. The bill also outlines requirements for the plan's operation, including policy terms, underwriting standards, and producer compensation, and allows the association to purchase reinsurance and transfer risk to capital markets. Insurers failing to comply with the new provisions may face penalties from the state commissioner.

https://le.utah.gov/~2026/bills/static/HB0562.html