DIGEST OF INTRODUCED BILL
Insurance proceeds withholding. Amends the current law concerning insurance proceeds set aside for structures damaged by fire or explosion and does the following: (1) Requires an insurer to notify the state fire marshal of the existence of a policy covering a structure damaged by fire or explosion and to withhold payment of a claim for the damage for a certain period. (2) Requires the state fire marshal to maintain a list of municipalities requesting notice of the existence of such a policy and to notify a listed municipality upon notice from the insurer. Makes conforming amendments to the current law by repealing a definition and other provisions made obsolete by the bill.