US HB240 | 2013-2014 | 113th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2013 - 25% progression, died in committee
Action: 2013-01-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 14 2013 - 25% progression, died in committee
Action: 2013-01-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Homeowners Insurance Protection Act of 2013 - Instructs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding estimated loss costs associated with contracts for reinsurance coverage.Authorizes the Secretary to make homeowners protection coverage available through contracts for reinsurance coverage. Restricts purchase of such coverage to eligible state programs. Prescribes criteria for state eligibility.Requires each contract for reinsurance coverage to provide insurance coverage against residential property losses to homes, including condominium and cooperative ownership, and the contents of apartment buildings. Cites covered perils.Prescribes a minimum level of retained losses and maximum federal liability.Authorizes any insurer who participates in an eligible state program to establish a Catastrophe Capital Reserve Fund to hold funds on the Secretary's behalf to offset reinsurance claims.Establishes the Consumer Hurricane, Earthquake, Loss Protection (HELP) Fund to: (1) make payments to covered purchasers under contracts for reinsurance coverage for eligible losses; and (2) pay for Commission operating costs and reinsurance program administrative expenses.
Title
Homeowners Insurance Protection Act of 2013
Sponsors
Rep. Dennis Ross [R-FL] |
History
Date | Chamber | Action |
---|---|---|
2013-01-14 | House | Referred to the House Committee on Financial Services. |
Subjects
Administrative law and regulatory procedures
Advisory bodies
Congressional oversight
Department of the Treasury
Disaster relief and insurance
Finance and financial sector
Floods and storm protection
Government liability
Government studies and investigations
Government trust funds
Housing finance and home ownership
Housing industry and standards
Insurance industry and regulation
Natural disasters
Public contracts and procurement
Advisory bodies
Congressional oversight
Department of the Treasury
Disaster relief and insurance
Finance and financial sector
Floods and storm protection
Government liability
Government studies and investigations
Government trust funds
Housing finance and home ownership
Housing industry and standards
Insurance industry and regulation
Natural disasters
Public contracts and procurement
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/house-bill/240/all-info |
Text | https://www.congress.gov/113/bills/hr240/BILLS-113hr240ih.pdf |