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H.R.6944: To require the Secty of the Treasury to establish a catastrophic property loss reinsurance program, & for other purposes. Referred to the House Committee on Financial Services
Text: H.R.6944 — 118th Congress (2023-2024)All Information (Except Text)
As of 01/12/2024 text has not been received for H.R.6944 - To require the Secretary of the Treasury to establish a catastrophic property loss reinsurance program, and for other purposes.
Bills are generally sent to the Library of Congress from GPO, the Government Publishing Office, a day or two after they are introduced on the floor of the House or Senate. Delays can occur when there are a large number of bills to prepare or when a very large bill has to be printed.
Original Co-Sponsors:
- Rep. Tlaib, Rashida [D-MI-12]
- Rep. Mullin, Kevin [D-CA-15]
- Rep. Salinas, Andrea [D-OR-6]
- Rep. Hoyle, Val T. [D-OR-4]
- Rep. Lofgren, Zoe [D-CA-18]
- Rep. Brownley, Julia [D-CA-26]
From the Congressional website of Adam Schiff
"Washington, D.C.— Today, Representative Adam Schiff (D-Calif.) introduced the Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act to stabilize the home insurance market while ensuring vulnerable communities are not excluded from coverage. This legislation would create a federal catastrophic reinsurance program to insulate consumers from unrestrained cost increases by offering insurers a transparent, fairly priced public reinsurance alternative for the worst climate-driven catastrophes...
....My INSURE Act addresses the urgent crisis in the home insurance market, particularly in California, where the cost of insurance has gone through the roof and insurers have stopped writing new policies. Climate change has significantly increased the risk of natural disasters and insurance companies are shifting the costs to consumers who struggle to purchase disaster coverage,” said Rep. Schiff. “My bill is a critical step forward in the effort to ensure homeowners and communities have access to affordable and accessible coverage. I’ll keep working to get this across the finish line and bring the cost of insurance down.”
Specifically, Schiff’s INSURE Act would protect homeowners and communities from increasing coverage costs by:
- Establishing a Federal Catastrophe Reinsurance Program within the Department of the Treasury to cap insurers’ liability in the case of a catastrophic event above a threshold developed by the Secretary and an advisory committee of experts.
- Requiring participating insurers to cover all natural disasters, including wildfires, severe storms, wind, hurricanes, floods, and earthquakes.
- Directing significant investments from insurers in loss prevention and risk mitigation partnerships with policyholders.
- Improving market monitoring through the Office of Financial Research and the Federal Insurance Office in collaboration with state insurance regulators.
Other bills introduced by Congressman Schiff - not yet voted upon or enacted: Adam B. Schiff | Congress.gov | Library of Congress
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