HR 4523
Nonprofit Property Protection Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Nonprofit Property Protection Act amends the Liability Risk Retention Act of 1986 to expand the types of commercial insurance that risk retention groups can offer to nonprofit organizations with tax-exempt status under section 501(c)(3). Specifically, it broadens the definition of ‘commercial insurance’ to include more coverage types, subject to certain financial and regulatory requirements. The bill also introduces a process for state insurance regulators to identify and potentially restrict risk retention groups offering non-liability insurance, ensuring competition from established insurers.
Sponsors
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Primary sponsor
Cosponsors
Al, Jr. Lawson
Jesus G. "Chuy" Garcia
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