Alabama Coastal Insurance Joint Interim Study Commission, created

This bill creates the Alabama Coastal Commercial Insurance Joint Interim Study Commission to investigate rising wind insurance costs for commercial and multifamily properties along the state's coast. The commission will be composed of state officials, legislators from Baldwin and Mobile counties, insurance industry representatives, and university experts, with a mandate to compare Alabama's insurance rates against neighboring states and analyze the financial risks of underinsured properties. Its primary task is to explore potential programs that could help reduce insurance burdens and risk exposure while ensuring any new initiatives are financially sustainable. The group is required to submit its findings and any recommended legislation to the Legislature by January 1, 2025, after which the commission will dissolve.