Requires insurance companies to provide detailed rationale for rate changes of certain state or municipal backed buildings

This bill requires insurance companies to provide written notice with detailed explanations for rate increases on policies covering state or municipal backed buildings (such as state-owned properties, subsidized housing, or developments managed by housing authorities). Insurers must send this notice 60-120 days before the rate change takes effect, including the specific rationale and calculation method used. The law applies to all policies for these properties issued, renewed, or modified on or after the effective date. It directly affects insurance companies and the state/municipal entities or building owners that rely on these policies.