Homeowners Insurance Amendments

HB 562 creates an independent state agency, the Access to Insurance Plan Association, to provide property insurance when private insurers won't cover homes or businesses. It requires all property insurers licensed in Utah to join the association as a condition of doing business, ensuring coverage is available for residential and commercial properties. The bill mandates that applicants prove at least three admitted insurers declined coverage before accessing the plan, which operates as a "fair plan" with rates and policies set by the association under insurance commissioner oversight. The governor appoints a board to manage the association, including consumer and industry representatives, with the commissioner reviewing the plan's operations and financial health.