,,ii #aai? ,,congress #a/ ,session ,s4 #bdcj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bd1 #bjbe ,mr4 ,he9ri* 7= himself & ,mr4 ,%eehy7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to require ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates to conduct a /udy reg>d+ insurance cov]age = damages f wildfires1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,wildfire ,insurance ,cov]age ,/udy ,act ( #bjbe4 #b4 ,,gao /udy reg>d+ insurance = wildfire damage 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 9 consultation ) ! ,director ( ! ,f$]al ,insurance ,(fice & ,/ate insurance regulators1 %all conduct a /udy to analyze & det]m9e ! foll[+3 7#a7 ,risk assessm5t ,! ext5t & nature ( wildfire risk 9 ! ,unit$ ,/ates1 includ+-- 7,a7 id5tify+ tr5ds 9 decl>ations = wildfires "u ! ,fire ,managem5t ,assi/ance grant program "u section #dbj ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eahg71 ) respect to geography1 co/s1 probability1 & frequ5cy ( wildfire disa/]s2 7,b7 id5tify+ mitigation practices t w\ld assi/ 9 r$uc+ co/s & risks = insurance policies cov]+ damages f wildfires2 7,c7 id5tify+ exi/+ programs ( ! ,f$]al ,gov]nm5t & ,/ate gov]nm5ts t measure wildfire risk & assess ! effectiv5ess ( ^? programs 9 =eca/+ wildfire ev5ts & in=m+ wildfire response2 & 7,d7 analyz+ & assess+ ! ne$ = a national map = measur+ & quantify+ wildfire risk4 7#b7 ,exi/+ /ate ( cov]age ,) respect to ! exi/+ /ate ( home[n]s insurance cov]age & comm]cial prop]ty insurance cov]age = damage f wildfires 9 ! ,unit$ ,/ates-- 7,a7 ! ext5t to :i* private insur]s h1 dur+ ! #aj-ye> p]iod end+ on ! date ( enactm5t ( ?is ,act1 adju/$ rates1 policyhold] co/-%>+ provisions1 or bo? = ^? cov]ages 7aft] adju/+ = inflation7 & ! geographic areas 9 :i* adju/$ rates1 policyhold] co/-%>+1 or bo? h increas$2 7,b7 ! ext5t to :i* private insur]s h1 dur+ ! #aj-ye> p]iod end+ on ! date ( enactm5t ( ?is ,act1 decl9$ to r5ew policies = ^? cov]ages & ! geographic areas to :i* ^? decl9ations appli$2 7,c7 ! ev5ts & economic factors t h contribut$ to any increas$ rates describ$ 9 subp>agraph 7,a7 & decl9ations to r5ew policies describ$ 9 subp>agraph 7,b72 7,d7 9 cases 9 :i* private insur]s h curtail$ ! ov]all wildfire exposure ( ^? insur]s1 ! ext5t to :i* home[n]s insurance cov]age & comm]cial prop]ty cov]age 7 t]m9at$ altoge!r & ! ext5t to :i* ^? cov]ages are /ill (f]$ b ) cov]age = damage f wildfires exclud$2 & 7,e7 ! ext5t to :i*1 & ! circum/ances "u :i*1 private insur]s are cont9u+ to provide cov]age = damage f wildfires-- 7i7 9 g5]al2 7ii7 subject to a condition t mitigation activities are tak51 su* z h>d5+ ( prop]ties & l&scap+ aga9/ wildfires1 by prop]ty own]s1 ,/ate or local gov]nm5ts1 p>k or =e/ au?orities1 or o!r l& managem5t au?orities2 & 7iii7 subject to any o!r conditions4 7#c7 ,regulatory responses ,) respect to actions tak5 by ,/ate insurance regulators 9 response to increas$ premium rates1 policyhold] co/-%>+1 or bo? = cov]age = damage f wildfires1 or ! exclusion ( t cov]age f home[n]s insurance policies-- 7,a7 ! ext5t to :i* ,/ates h lev]ag$ _! respective au?orities to regulate rate increases2 7,b7 ! ext5t to :i* ,/ates h enact$ any moratoria on ^? rate & policyhold] co/-%>+ increases or exclusions & on non-r5ewals2 7,c7 ! ext5t to :i* ,/ates require home[n]s insurance cov]age to include cov]age = damage f wildfires or make sales ( home[n]s insurance cov]age cont+5t on ! sale1 und]writ+1 or f9anc+ ( sep>ate wildfire cov]age 9 ! applicable ,/ate2 7,d7 ! ext5t to :i* ,/ates h e/abli%$ ,/ate residual m>ket insurance entities1 re9surance programs1 or simil> me*anisms = cov]age ( damages f wildfires2 7,e7 any o!r actions ,/ates or localities h tak5 9 response to increas$ premium rates1 policyhold] co/-%>+1 or bo? = cov]age = damage f wildfires1 or ! exclusion ( t cov]age f home[n]s policies1 includ+ =e/ry & wildfire managem5t policies & subsidies = premiums & co/-%>+ = wildfire cov]age2 7,f7 ! effects ( actions tak5 by ,/ates on ! availability1 cov]age level1 & af=dability ( home[n]s insurance cov]age2 & 7,g7 ! effectiv5ess & su/a9ability ( actions describ$ 9 subp>agraphs 7,a7 ?r\gh 7,f7 tak5 by ,/ates4 7#d7 ,*all5ges 9 und]writ+ wildfire risk ,) respect to ! *all5ges fac$ by private insur]s und]writ+ wildfire risk1 :at is or are-- 7,a7 ! correlat$ risks & ! ext5t ( ^? risks2 7,b7 ! factors affect+ ! ext5t ( ! ability ( private insur]s to e/imate ! magnitude ( future likelihood ( wildfires & ( expect$ damages f wildfires2 7,c7 ! effects ( ! ne$ to increase m af=dable h\s+ options1 :i* may contribute to increas$ homebuild+ 9 m remote1 heavily-wood$ areas ) high] wildfire risk2 7,d7 ! pot5tial = wildfire losses suffici5tly l>ge to jeop>dize ! solv5cy ( insur]s2 7,e7 ! ext5t to :i*1 & ! areas 9 :i*1 risk-adju/$ m>ket premiums = wildfire risk limit ! af=dability or availability ( cov]age = consum]s2 7,f7 ! effects ( v>i\s exi/+ & pot5tial ,/ate & ,f$]al ,gov]nm5t responses to help address ^? *all5ges & mitigate wildfire risk1 includ+ actions su* z-- 7i7 improv$ =e/ managem5t policies2 7ii7 obta9+ improv$ data to e/imate risk2 7iii7 relocat+ home[n]s f wildfire zones2 7iv7 (fsett+ a portion ( ! *>g$ risk-adju/$ premiums ( insur]s ) means-te/$ gov]nm5t af=dability programs = l[] income home[n]s2 7v7 enc\rag+ ! increas$ use ( private re9surance & o!r risk-%>+ me*anisms by insur]s to bett] div]sify wildfire risk2 & 7vi7 develop+ programs t (fset ! co/s ( wildfire risk = consum]s & indu/ry2 7,g7 ! available policy responses if private insur]s exit ! wildfire cov]age m>ket & ! pot5tial advantages & disadvantages ( ea* su* response2 7,h7 ! effects ( ! availability & af=dability ( wildfire cov]age1 policyhold] co/-%>+1 or bo?1 on-- 7i7 local communities t are disproportionately vuln]able to wildfires1 includ+ on l[- or mod]ate-income prop]ty own]s & small bus9esses2 7ii7 rebuild+ 9 communities previ\sly damag$ by wildfires2 7iii7 ! availability & af=dability ( h\s+ supply2 & 7iv7 ! dem& = wildfire insurance cov]age by prop]ty own]s2 7,i7 ! effects ( pot5tial ,/ate prohibitions on ! t]m9ation ( policies due to wildfire claims on insur] solv5cy2 & 7,j7 ! mann] 9 :i* private insur]s are model+ or e/imat+ future wildfire risk4 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report id5tify+ ! f9d+s & conclusions ( ! /udy conduct$ "u subsection 7a74