INSURE Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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, will provide reinsurance to qualifying insurers that offer all-perils property insurance policies. The Act also includes provisions for data collection, advisory committees, and a pilot program for longer-term property insurance policies, with the goal of improving coverage and reducing the cost of insurance in the face of increasing risks.
Key provisions
- Establishes the Federal Catastrophe Reinsurance Fund to provide reinsurance to qualifying property insurers.
- Defines ‘all-perils property insurance policy’ and ‘catastrophe peril’ for program eligibility.
- Phases in coverage for different perils (wind/hurricane, severe convective storm/wildfire, flood, earthquake) over a period of years.
- Requires participating insurers to pay a premium based on expected losses and administrative costs.
- Establishes a threshold for reinsurance payments based on insurer probable maximum loss.
- Mandates the collection of quarterly data on policy-level claims transactions.
- Creates an advisory committee to advise the Secretary on program design and implementation.
- Includes a pilot program for multi-year property insurance policies with potential premium adjustments based on property maintenance and loss mitigation investments.
Who is affected
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