Senate Bill Report, SHB 2329: Study of the Insurance Market for Housing Providers (February 20, 2024)
Summary
This Senate Bill Report on SHB 2329, as reported by the Senate Committee on Business, Financial Services, Gaming & Trade on February 20, 2024, concerns a study of the insurance market for housing providers receiving housing trust fund resources. The summary states that the Office of the Insurance Commissioner shall conduct a study of property and liability coverages available to housing providers serving extremely low-income households, and must consult listed groups including authorized insurers and risk retention groups. A report with recommendations is due to the appropriate committees of the legislature by December 31, 2024. The report lists the House passage as 2/13/24, 96-0 and the appropriation as None.
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- Issuer
- Congressional materials
- Document type
- Report
- Date
- 2024-02-20
- Case
- 2024 02 20 A31985 D271038 Bill Report 2329 S Sba Bfgt 24
Cite this document
“Senate Bill Report, SHB 2329: Study of the Insurance Market for Housing Providers (February 20, 2024).”
Original at app.leg.wa.gov, dated 2024-02-20. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-02-20-2024-02-20-a31985-d271038-bill-report-2329-s-sba-bfgt-24/
, SHA-256 784b6a44f130198284e9f149ede09b20b2f3848f4852cda54d5f3b43756206f9.Full text
SENATE BILL REPORT
SHB 2329
As Reported by Senate Committee On:
Business, Financial Services, Gaming & Trade, February 20, 2024
Title: An act relating to conducting a study of the insurance market for housing providers
receiving housing trust fund resources.
Brief Description: Conducting a study of the insurance market for housing providers receiving
housing trust fund resources.
Sponsors: House Committee on Consumer Protection & Business (originally sponsored by
Representatives Macri, Peterson, Alvarado, Chopp, Bateman, Pollet, Reed and Ramel).
Brief History: Passed House: 2/13/24, 96-0.
Committee Activity: Business, Financial Services, Gaming & Trade: 2/20/24.
Brief Summary of Bill
• Requires the Office of the Insurance Commissioner to conduct a study of
property and liability coverages available to housing providers receiving
housing fund trust resources and serving extremely low-income
households.
SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES, GAMING & TRADE
Staff: Kellee Gunn (786-7429)
Background: Housing Trust Fund. Washington State's Housing Trust Fund provides
funding to help build and preserve affordable housing units across the state through loans or
grants.
Affordable Housing for Low Income Households. When occupied by low-income
households, rent for affordable residential housing is limited to no more than 30 percent of
the household's income per month. Low-income households are those with an adjusted
This analysis was prepared by non-partisan legislative staff for the use of legislative
members in their deliberations. This analysis is not part of the legislation nor does it
constitute a statement of legislative intent.
Senate Bill Report -1- SHB 2329
income of less than 80 percent of the median family income of the county where the project
is located.
State law defines extremely low-income households as households whose adjusted income
is at or below 30 percent of the median household income for the county where the
household is located.
Summary of Bill: Study on Property and Casualty Insurance Coverage for Housing Trust
Fund Providers and Others. The Office of the Insurance Commissioner (OIC) shall conduct
a study of property and liability coverages available to housing providers receiving housing
fund trust resources and serving extremely low-income households. In conducting the study,
the OIC shall consult with:
• housing providers receiving housing trust resources under the Housing Trust Fund
and serving extremely low-income households;
• authorized insurers;
• unauthorized insurers—surplus lines carriers;
• providers of nonprofit insurance services;
• risk sharing pools for public housing authorities and nongovernmental owners of
affordable housing properties;
• risk retention groups;
• relevant associations groups including the surplus lines association of Washington;
and
• other relevant state agencies including the Department of Enterprise Services, the
Office of Risk Management, and the Department of Commerce.
Additionally, the OIC must:
• collect certain information from entities transacting insurance with housing providers;
• obtain data from the previous five years on the number and types of policies in effect,
whether and why policies were nonrenewed or canceled, claims activity, and
premiums and deductibles; and
• investigate and request any other relevant information that may assist the
commissioner with analyzing the availability of property and liability coverages for
housing providers and any other trends that may affect market availability.
Report. A report and its findings are due to the appropriate committees of the legislature by
December 31, 2024. The report must make recommendations on potential policy and budget
options, including considerations regarding the development of a single-state or multi-state
high-risk sharing pool and potential policy and budget options to address reinsurance
market volatility.
The OIC may contract with a vendor to conduct actuarial analysis if necessary to facilitate
the development of recommendations concerning high-risk sharing pools.
Confidentiality. Data requested by the OIC is confidential by law and privileged and not
Senate Bill Report -2- SHB 2329
subject to public disclosure. Data may be published in reports and other documents if it is in
the aggregate.
Appropriation: None.
Fiscal Note: Available.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Senate Bill Report -3- SHB 2329
File and source
- File
- 2024-02-20_a31985_d271038_bill-report-2329-s-sba-bfgt-24.pdf
- Size
- 8,967 bytes
- SHA-256
- 784b6a44f130198284e9f149ede09b20b2f3848f4852cda54d5f3b43756206f9
- Original
- app.leg.wa.gov