An Act relating to flood insurance; relating to property insurance; establishing the Alaska Flood Authority and the Alaska flood insurance fund; and providing for an effective date.

SB 11 creates the Alaska Flood Authority, a nonprofit organization made up of all property insurers licensed in Alaska, and establishes the Alaska Flood Insurance Fund. The bill directly affects property insurers (who must join the Authority) and Alaskans seeking flood insurance coverage. Key provisions require flood insurance rates to prioritize historical flood damage data and mandate the Authority to work toward increasing flood insurance availability in the state. The bill amends insurance rate regulations to ensure flood insurance pricing reflects actual past flood risks, rather than broader general insurance factors.