Utah HB0562 creates the Access to Insurance Plan Association to provide property insurance when unavailable in the admitted market.

Utah HB0562 enacts the Access to Insurance Plan Act, creating the Access to Insurance Plan Association as an independent state agency. The bill requires admitted insurers writing property insurance in Utah to participate in the association. The association will establish and operate a residual market property insurance plan (fair plan) to provide residential and commercial property insurance when coverage is not available in the admitted market. The governor appoints a board to govern the association and administer the plan, with staggered three-year terms.

Utah HB0562 creates the Access to Insurance Plan Association to provide property insurance when unavailable in the admitted market.

Utah HB0562 enacts the Access to Insurance Plan Act, creating the Access to Insurance Plan Association as an independent state agency. The bill requires admitted insurers writing property insurance in Utah to participate in the association. The association will establish and operate a residual market property insurance plan (fair plan) to provide residential and commercial property insurance when coverage is not available in the admitted market. The governor appoints a board to govern the association and administer the plan, with staggered three-year terms.