INSURE Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The INSURE Act establishes a federal reinsurance program to help property insurers manage catastrophic losses from events like wind, hurricanes, wildfires, and floods. The program, called the Federal Catastrophe Reinsurance Fund, would provide reinsurance to qualifying insurers, with a phased-in approach to covering different perils. It also includes provisions for data collection, advisory committees, and a pilot program to test long-term property insurance policies. The goal is to reduce the cost of insurance for homeowners and businesses and promote more resilient communities.
Key provisions
- Establishes a Federal Catastrophe Reinsurance Fund to provide reinsurance to property insurers.
- Phases in coverage for different catastrophe perils (wind, hurricane, severe convective storm, flood, earthquake) over time.
- Requires participating insurers to pay premiums based on expected losses and administrative costs.
- Creates an advisory committee to advise the Secretary on program design and operation.
- Mandates quarterly reporting of policy-level claim data by participating insurers.
- Establishes a pilot program for multi-year property insurance policies with potential premium adjustments.
- Allows for the issuance of notes and bonds to fund the reinsurance program.
- Requires participating insurers to establish loss prevention partnerships.
Who is affected
- Property Insurance Companies
Bill text
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Sponsors
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8 on record
Primary sponsor
Cosponsors
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