118th Congress Finance and Financial Sector
H.R. 6944: INSURE Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
The Department of the Treasury must establish a catastrophic property loss reinsurance program that provides reinsurance to qualifying insurance companies. (Reinsurance protects insurers from large losses.) To qualify for reinsurance coverage, insurers must offer an all-perils insurance policy for residential or commercial property and offer incentives to policyholders for activities that reduce losses.
The bill provides for a phase-in of the program over several years to cover different catastrophes and perils, including floods, hurricanes, and wildfire. When flood coverage is phased in, the National Flood Insurance Program may no longer issue new policies.
The bill establishes the threshold for payouts, guidelines for premium rates, and a Federal Catastrophe Reinsurance Fund for the purpose of investing the premiums paid by insurers and for the issuance of notes and bonds.
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Treasury must establish a grant program to incentivize investments in loss-reduction activities and to encourage states to require insurers to offer an all-perils property insurance policy.
Treasury must report on the feasibility of (1) funding the relocation of homes and businesses that have become uninsurable, and (2) including earthquakes as a peril in all-peril policies. Earthquakes must be added to the program as a covered peril at the earliest of eight years after the date of enactment or the date on which the report is submitted.
Treasury must also establish a pilot program for multiyear all-perils property insurance.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Julia Brownley D-CAOriginal
- Valerie Hoyle D-OROriginal
- Zoe Lofgren D-CAOriginal
- Kevin Mullin D-CAOriginal
- Andrea Salinas D-OROriginal
- Rashida Tlaib D-MIOriginal
- Maxwell Frost D-FL
- Barbara Lee D-CA
- Anna Eshoo D-CA
- Mike Thompson D-CA
- Melanie Stansbury D-NM
- Raúl Grijalva D-AZ
- Pete Aguilar D-CA
- Bonnie Watson Coleman D-NJ
- Jared Huffman D-CA
- Jahana Hayes D-CT
- Mike Levin D-CA
- Debbie Wasserman Schultz D-FL
Who scored on this bill
No member has earned points from it yet.
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the House by Adam Schiff.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.