Latest Action: 03/14/2008 - S.AMDT.4380 Amendment SA 4380 agreed to in Senate by Yea-Nay Vote. 41 - 57. Record Vote Number: 79.

Bill Text
An original concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2009 and including the appropriate budgetary levels for fiscal years 2008 and 2010 through 2013. 3/14/2008--Passed Senate amended.    (There are 2 other summaries) Sets forth the congressional budget for the federal government for FY2009, including the appropriate budgetary levels for FY2008 and FY2010-FY2013. Title I: Recommended Levels and Amounts - (Sec. 101) Lists recommended budgetary levels and amounts, for FY2008-FY2013, with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits; (5) public debt; and (6) debt held by the public. (Sec. 102) Lists the appropriate levels of new budget authority, outlays, and administrative expenses for Social Security, U.S. Postal Service discretionary administrative expenses, and specified major functional categories for FY2008-FY2013.[...]

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S.2355 Sponsored by Maria Cantwell
Latest Action: 12/04/2007 - Committee on Commerce, Science, and Transportation. Date of scheduled consideration. SR-253. 2:30 p.m.

Bill Text
A bill to amend the National Climate Program Act to enhance the ability of the United States to develop and implement climate change adaptation programs and policies, and for other purposes. 11/14/2007--Introduced. Climate Change Adaptation Act - Amends the National Climate Program Act to: (1) eliminate the National Climate Program Office and the Climate Program Policy Board; (2) revise the elements of the National Climate Program to require a strategic plan to address the impacts of climate change in the United States and establish a National Climate Service within the National Oceanic and Atmospheric Administration (NOAA); (3) require the President to provide to Congress a five-year national strategic plan to address the impacts of climate change in the United States; (4) require the Secretary of Commerce to conduct regional assessments of coastal and ocean vulnerability to climate change and submit to Congress a national coastal and ocean adaptation plan; (5) require the [...]

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Latest Action: 11/06/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
A bill to establish a National Catastrophic Risks Consortium and a National Homeowners' Insurance Stabilization Program, and for other purposes. 11/6/2007--Introduced. Homeowners' Defense Act of 2007 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; and (3) act as a centralized repository of state risk information accessible by certain private-market participants. Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to qualified reinsurance programs to: (1) ensure their solvency; (2) improve the availability and affordability of homeowners' [...]

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Latest Action: 05/08/2008 - Considered by Senate. (consideration: CR S3946-3966)

Bill Text
An original bill to amend the National Flood Insurance Act of 1968, to restore the financial solvency of the flood insurance fund, and for other purposes. 11/1/2007--Reported to Senate without amendment.    (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Flood Insurance Reform and Modernization Act of 2007 - (Sec. 4) Amends the National Flood Insurance Act of 1968 (Act) to extend the national flood insurance program (Program) though FY2013. (Sec. 5) Requires the Director of the Federal Emergency Management Agency (FEMA) to make national flood insurance available for multifamily properties of more than four units. (Sec. 6) Requires the FEMA Director to estimate the exclusion of certain prospective insureds from purchasing flood insurance at risk premium rates less than those estimated for specified properties (including [...]

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Latest Action: 11/01/2007 - Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. Without written report.

Bill Text
An original bill to establish a nonpartisan commission on natural catastrophe risk management and insurance, and for other purposes. 11/1/2007--Reported to Senate without amendment.    (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Commission on Natural Catastrophe Risk Management and Insurance Act of 2007 - Establishes the Commission on Natural Catastrophe Risk Management and Insurance to report to Congress on its findings and assessments regarding the risks posed to the United States by natural catastrophes, and means for mitigating those risks and paying for losses caused by such catastrophes. Requires the Commission to assess: (1) the condition of the property and casualty insurance and reinsurance markets prior to and in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck [...]

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S.2251 Sponsored by Dianne Feinstein
Latest Action: 10/26/2007 - Sponsor introductory remarks on measure. (CR S13490-13491)

Bill Text
A bill to ensure that individual homeowners that were not previously required to purchase flood insurance that are now required to do so because of the updating of flood insurance program rate maps receive a discount for the purchase of such insurance. 10/26/2007--Introduced. Homeowner's Flood Insurance Protection Act of 2007 - Amends the National Flood Insurance Act of 1968 with respect to any area that: (1) previously was not designated as a special flood hazard area because it was protected by a flood protection system; and (2) becomes so designated as a result of the decertification of that flood protection system pursuant to any updating, reviewing, or remapping of flood insurance program rate maps. Sets the chargeable flood insurance premium rate for any property that, before enactment of this Act, was located within such an area at 50% of the chargeable risk premium rate otherwise applicable. Terminates such discount rate five years after the area's initial designation [...]

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H.R.3959 Sponsored by Scott Garrett
Latest Action: 01/24/2008 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To amend the National Flood Insurance Act of 1968 to provide for the phase-in of actuarial rates for certain pre-FIRM properties. 1/23/2008--Passed House amended.    (There is 1 other summary) Amends the National Flood Insurance Act of 1968 (Act) to provide for phased-in actuarial premium rates for recently purchased pre-FIRM single family properties used as a principal residence and purchased for at least $600,000. (A pre-FIRM structure is one that was not constructed or substantially improved after the later of: (1) December 31, 1974; or (2) the effective date of the initial rate map published by the Director of the Federal Emergency Management Agency (FEMA) under the National Flood Insurance Act of 1968 for the area in which such structure is located.)Declares January 1, 2011, the effective date of this Act.Sets forth transition provisions under which the Director of the Federal Emergency Management Agency (FEMA) is instructed to [...]

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Latest Action: 11/07/2007 - Committee Consideration and Mark-up Session Held.

Bill Text
To require escrows for certain mortgage loans, to improve mortgage servicing, to promote sustainable homeownership opportunities, to enhance appraisal quality and standards, to better appraisal oversight, to mitigate appraiser pressure, and for other purposes. 10/16/2007--Introduced. Escrow, Appraisal, and Mortgage Servicing Improvements Act - Amends the Truth in Lending Act to require a creditor, in a consumer credit transaction secured by the consumer's principal dwelling, to establish an escrow or impound account to pay taxes and hazard insurance, and, if applicable, flood insurance, mortgage insurance, ground rents, and any other required periodic payments or premiums. Requires written disclosures by the creditor to the consumer regarding: (1) such escrow or impound account; and (2) consumers who opt out of escrow services. Amends the Real Estate Settlement Procedures Act of 1974 to proscribe specified practices by the servicer of a federally related mortgage,[...]

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S.2151 Sponsored by Mark L. Pryor
Latest Action: 10/04/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
A bill to amend the National Flood Insurance Act of 1968 to authorize notations on flood insurance rate maps for areas protected against 100-year and 500-year floods by certified flood control structure.

10/4/2007--Introduced.

Community Protection Act of 2007 - Amends the National Flood Insurance Act of 1968 to authorize the Director of the Federal Emergency Management Agency (FEMA) to publish, through the issuance of national flood insurance rate maps, specified notes to designate areas protected by certified flood control structures against at least: (1) the 100-year flood (1% annual chance); and (2) the 500-year flood (.2% annual chance).

Provides that publication of such a note shall not be considered a requirement of participation in the national flood insurance program.

Latest Action: 09/24/2007 - Referred to the House Committee on Financial Services.

Bill Text
To establish a nonpartisan Commission on Natural Catastrophe Risk Management and Insurance, and for other purposes.

9/24/2007--Introduced.

Commission on Natural Catastrophe Risk Management and Insurance Act of 2007 - Establishes the Commission on Natural Catastrophe Risk Management and Insurance to report to Congress on the natural catastrophe insurance marketplace, including: (1) the extent to which insurance costs and availability are affected by specified factors; (2) which factors the federal government should address to increase catastrophe insurance availability and competitiveness; and (3) actions the federal government can undertake to achieve this goal without requiring a long-term cross-subsidy from taxpayers.

Requires the Commission to report to certain congressional committees before the beginning of the 2008 hurricane season.

S.2047 Sponsored by Norm Coleman
Latest Action: 09/12/2007 - Sponsor introductory remarks on measure. (CR S11511-11512)

Bill Text
A bill to require enhanced disclosures to consumers purchasing flood insurance and for other purposes.

9/12/2007--Introduced.

Flood Insurance Disclosure Act of 2007 - Amends the National Flood Insurance Act of 1968 to require insurers to disclose, in writing, to purchasers of a homeowner's or renter's insurance policy: (1) that such policy does not include certain flood insurance coverage; (2) that such person may be eligible to purchase such coverage; and (3) the telephone number and Internet address to contact the National Flood Insurance Program in order to obtain such coverage.

H.R.3355 Sponsored by Ron Klein
Latest Action: 11/13/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. 11/8/2007--Passed House amended.    (There are 2 other summaries) Homeowners' Defense Act of 2007 - Declares that the purpose of this Act is to provide federal support for state-sponsored insurance programs to: (1) help homeowners prepare for and recover from damages caused by natural catastrophes; and (2) promote the use of private market capital as a means to insure against such catastrophes.Title I: National Catastrophe Risk Consortium - (Sec. 101) Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) inventory catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; (3) act as a centralized repository [...]

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S.1938 Sponsored by Jack Reed
Latest Action: 08/02/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
A bill to provide for the reviewing, updating, and maintenance of National Flood Insurance Program rate maps, and for other purposes. 8/2/2007--Introduced. National Flood Mapping Act of 2007 - Establishes the Technical Mapping Advisory Council to make certain recommendations to the Administrator of the Federal Emergency Management Agency (FEMA), including: (1) how to improve in a cost-effective manner the accuracy and dissemination of flood insurance rate maps and risk data; (2) mapping standards and guidelines for flood insurance rate maps and data integrity; (3) how to maintain on an ongoing basis flood insurance rate maps and flood risk identification; and (4) procedures for delegating mapping activities to state and local mapping partners.Instructs the Administrator to: (1) report to certain congressional committees on actions taken to address such recommendations; and (2) establish an ongoing program to review, update, and maintain the National Flood Insurance [...]

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S.1890 Sponsored by Trent Lott
Latest Action: 07/26/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
A bill to allow individuals to opt-out of the National Flood Insurance Program, and for other purposes. 7/26/2007--Introduced. Flood Insurance Choice Act of 2007 - Amends the Flood Disaster Protection Act of 1973 to permit an individual homeowner not to purchase property flood insurance, even for property in a special flood hazard area, if he or she submits certain written certifications to the Administrator of the Federal Emergency Management Agency (FEMA) and the state, community, or local official responsible for zoning and building codes. Declares that such homeowner shall not be required to comply with certain base flood elevation requirements. Amends the National Flood Insurance Act of 1968, with respect to land use controls, financial assistance and mitigation assistance, to shield from penalties for non-compliance those areas that have complied with its requirements but where individuals have opted out pursuant to this Act. Amends the Robert T.[...]

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H.R.3121 Sponsored by Maxine Waters
Latest Action: 09/28/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To restore the financial solvency of the national flood insurance program and to provide for such program to make available multiperil coverage for damage resulting from windstorms and floods, and for other purposes. 9/27/2007--Passed House amended.    (There are 2 other summaries) Flood Insurance Reform and Modernization Act of 2007 - (Sec. 3) Directs the Comptroller General to study and report to Congress on: (1) the flood insurance coverage status of pre-FIRM properties; and (2) assess the impact, effectiveness, and feasibility of amending the Flood Disaster Protection Act of 1973 regarding properties subject to the mandatory flood insurance purchase requirement for a natural 100-year floodplain, and possible extension of such requirement to properties securing nonfederally related loans. (A pre-FIRM structure is one that was not constructed or substantially improved after the later of: (1) December 31, 1974; or (2) the effective date of the [...]

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Latest Action: 06/20/2007 - Sponsor introductory remarks on measure. (CR S8064-8065)

Bill Text
A bill to assist in providing affordable housing to those affected by the 2005 hurricanes. 6/20/2007--Introduced. Gulf Coast Housing Recovery Act of 2007 - Requires the Administrator of the Federal Emergency Management Agency (FEMA) to allow specified uses by Louisiana of certain funds under the Road Home Program.Requires state reports, made public on the Internet, on each state grant program for household assistance programs funded with community development block grant (CDBG) disaster assistance.Directs the Secretary of Housing and Urban Development (HUD) to require Louisiana to make certain funds available for specified community development pilot programs in Orleans and other parishes.Authorizes additional funds for the Road Home Program.Permits a state or locality to use, as a matching requirement, share, or contribution for any other federal program, certain CDBG funds previously made available for disaster relief, long-term recovery, and [...]

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S.1644 Sponsored by Robert C. Byrd
Latest Action: 06/18/2007 - Committee on Appropriations. Original measure reported to Senate by Senator Byrd. With written report No. 110-84.

Bill Text
An original bill making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2008, and for other purposes. 6/18/2007--Reported to Senate without amendment.    (There is 1 other summary) Department of Homeland Security Appropriations Act, 2008 - Title I: Department of Homeland Security Departmental Management and Operations - Makes appropriations for FY2008 for the Department of Homeland Security (DHS) for the Offices of the Secretary of Homeland Security, the Under Secretary for Management, the Chief Financial Officer, the Chief Information Officer, the Federal Coordinator for Gulf Coast Rebuilding, and the Inspector General.Title II: Security, Enforcement, and Investigations - Makes appropriations for: (1) Customs and Border Protection (CBP), including for border security fencing, infrastructure, and technology, air and marine interdiction, maintenance, procurement, and construction; (2) [...]

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H.CON.RES.109 Sponsored by Paul Ryan
Latest Action: 03/29/2007 - Referred to the House Committee on the Budget.

Bill Text
Establishing the congressional budget for the United States Government for fiscal year 2008 and setting forth appropriate budgetary levels for fiscal years 2009 through 2012. 3/29/2007--Introduced. Sets forth the congressional budget for the federal government for FY2008, including the appropriate budgetary levels for FY2009-FY2012. Lists recommended budgetary levels and amounts, for FY2008-FY2012, with respect to: (1) federal revenues; (2) new budget authority; (3) budget outlays; (4) deficits (on-budget); (5) debt subject to limit; and (6) debt held by the public. Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2008-FY2012. Sets forth reconciliation instructions for the Committees on: (1) Agriculture; (2) Armed Services; (3) Education and Labor: (4) Energy and Commerce; (5) Financial Services; (6) Foreign Affairs; (7) the Judiciary; (8) Natural Resources; (9) Transportation and Infrastructure;[...]

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H.R.1682 Sponsored by Barney Frank
Latest Action: 06/12/2007 - Subcommittee Hearings Held.

Bill Text
To restore the financial solvency of the national flood insurance program, and for other purposes. 3/26/2007--Introduced. Flood Insurance Reform and Modernization Act of 2007 - Instructs the Comptroller General to study and report to Congress on: (1) the status of the national flood insurance program for specified pre-FIRM properties (containing a structure neither constructed nor substantially improved after the later of December 31, 1974, or the effective date of the initial rate map published by the Director of the Federal Emergency Management Agency (FEMA) under the National Flood Insurance Act of 1968 (NFIA) for the pertinent area); (2) the extension of mandatory flood insurance coverage purchase requirements to properties located in any area that would be designated as having special flood hazards but for the existence of a structural flood protection system; and (3) the mandatory purchase requirement in connection with non-federally related loans. Amends the [...]

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S.926 Sponsored by Bill Nelson
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3360-3362)

Bill Text
A bill to amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds by property and casualty insurance companies for the payment of policyholders' claims arising from future catastrophic events.

3/20/2007--Introduced.

Policyholder Disaster Protection Act of 2007 - Amends the Internal Revenue Code to allow insurance companies (other than life insurance companies) to make tax deductible contributions to a tax-exempt policyholder disaster protection fund established by this Act for the payment of policyholders' claims arising from certain catastrophic events, such as windstorms, earthquakes, fires, or floods.

S.928 Sponsored by Bill Nelson
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3360-3362)

Bill Text
A bill to establish a program to provide more protection at lower cost through a national backstop for State natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, to better assist in the financial recovery from such catastrophes, and to develop a rigorous process of continuous improvement. 3/20/2007--Introduced. Homeowners Protection Act of 2007 - Directs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding: (1) estimated loss costs associated with the contracts for reinsurance coverage; and (2) development of prevention, mitigation, recovery, and rebuilding standards that better prepare and protect the United States from catastrophes. Instructs the Secretary to implement [...]

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H.R.1227 Sponsored by Maxine Waters
Latest Action: 03/23/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill Text
To assist in the provision of affordable housing to low-income families affected by Hurricane Katrina. 3/21/2007--Passed House amended.    (There are 2 other summaries) Gulf Coast Hurricane Housing Recovery Act of 2007 - Prohibits the use of any funds authorized by this Act to lobby or retain a lobbyist for the purpose of influencing a federal, state, or local governmental entity or officer. Title I: Community Development Block Grants - (Sec. 101) Prohibits the Director of the Federal Emergency Management Agency (FEMA) from prohibiting or restricting the use by the state of Louisiana of specified amounts targeted under its Road Home Program for Hurricanes Katrina and Rita, based upon a program requirement or condition that: (1) limits or reduces the amount made available to an eligible homeowner who does not agree to remain an owner and occupant of a home in Louisiana; or (2) waives the applicability of certain limitations or reductions [...]

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H.R.920 Sponsored by Gene Taylor
Latest Action: 02/08/2007 - Referred to the House Committee on Financial Services.

Bill Text
To amend the National Flood Insurance Act of 1968 to provide for the national flood insurance program to make available multiperil coverage for damage resulting from windstorms or floods, and for other purposes. 2/8/2007--Introduced. Multiple Peril Insurance Act of 2007 - Amends the National Flood Insurance Act of 1968 to require the national flood insurance program to enable the purchase of optional insurance against loss resulting from physical damage to or loss of real or related personal property located in the United States arising from any flood or windstorm (any hurricane, tornado, cyclone, typhoon, or other wind event). Restricts multiperil coverage to areas (or their subdivisions) where an appropriate public body has adopted adequate land use and control measures, including effective enforcement provisions, which the Administrator of the Federal Emergency Management Agency (FEMA) finds are consistent with certain statutory criteria for land management and [...]

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H.R.921 Sponsored by Doris O. Matsui
Latest Action: 04/12/2007 - Referred to the Subcommittee on Housing and Community Opportunity.

Bill Text
To authorize the Director of the Federal Emergency Management Agency to make grants to communities to be used for outreach efforts to encourage participation in the national flood insurance program. 2/8/2007--Introduced. Flood Insurance Community Outreach Grant Program Act of 2007 - Amends the National Flood Insurance Act of 1968 to authorize the Director of the Federal Emergency Management Agency (FEMA) to make grants to local governmental agencies responsible for floodplain management activities in communities that participate in the national flood insurance program for: (1) outreach activities to encourage and facilitate the purchase of flood insurance protection by owners and renters of properties in such communities; and (2) educational activities that increase awareness of flood risk reduction. Permits grant funds to be used to: (1) identify such property owners and renters; (2) notify them when their properties become included in, or are excluded from, an area [...]

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H.R.922 Sponsored by Doris O. Matsui
Latest Action: 04/12/2007 - Referred to the Subcommittee on Housing and Community Opportunity.

Bill Text
To provide for a study by the Government Accountability Office on methods, practices, and incentives to increase the extent to which low-income property owners living in high-risk locations participate in the National Flood Insurance Program.

2/8/2007--Introduced.

National Flood Insurance Program Participation Evaluation Act of 2007 - Directs the Comptroller General to analyze and report to Congress on potential methods, practices, and incentives that would increase the extent to which low-income families that own residential properties located within areas having special flood hazards purchase flood insurance coverage for such properties under the national flood insurance program.

Latest Action: 01/17/2007 - Referred to the House Committee on Financial Services.

Bill Text
To establish a bipartisan commission on insurance reform.

1/17/2007--Introduced.

Commission on Catastrophic Disaster Risk and Insurance Act of 2007 - Establishes the bipartisan Commission on Catastrophic Disaster Risk and Insurance to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; (2) the ongoing exposure of the United States to windstorms, earthquakes, volcanic eruptions, tsunamis, and floods; and (3) recommend and report legislative and regulatory changes that will improve the domestic and international financial health and competitiveness of such markets.

S.292 Sponsored by Bill Nelson
Latest Action: 01/12/2007 - Sponsor introductory remarks on measure. (CR S518)

Bill Text
A bill to establish a bipartisan commission on insurance reform.

1/12/2007--Introduced.

Commission on Catastrophic Disaster Risk and Insurance Act of 2007 - Establishes the bipartisan Commission on Catastrophic Disaster Risk and Insurance to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; (2) the ongoing exposure of the United States to earthquakes, volcanic eruptions, tsunamis, and floods; and (3) recommend and report legislative and regulatory changes that will improve the domestic and international financial health and competitiveness of such markets.

Latest Action: 01/09/2007 - Referred to the House Committee on Financial Services.

Bill Text
To establish a Federal program to provide reinsurance to improve the availability of homeowners' insurance.

1/9/2007--Introduced.

Homeowners' Insurance Availability Act of 2007 - Instructs the Secretary of the Treasury to implement a reinsurance coverage program available only through contracts for reinsurance coverage purchased at regional auctions.

States that the purpose of the program is to improve: (1) the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from disasters; and (2) the solvency of the homeowners' insurance markets.

Prescribes implementation guidelines that include establishment: (1) in the Treasury of the Disaster Reinsurance Fund; and (2) of a National Commission on Catastrophe Risks and Insurance Loss Costs.

Latest Action: 01/04/2007 - Referred to the House Committee on Financial Services.

Bill Text
To establish a program to provide reinsurance for State natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, and to better assist in the financial recovery from such catastrophes. 1/4/2007--Introduced. Homeowners Insurance Protection Act of 2007 - 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 [...]

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H.R.164 Sponsored by Bobby Jindal
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means.

Bill Text
To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds by property and casualty insurance companies for the payment of policyholders' claims arising from future catastrophic events.

1/4/2007--Introduced.

Policyholder Disaster Protection Act of 2007 - Amends the Internal Revenue Code to allow insurance companies (other than life insurance companies) to make tax deductible contributions to a tax-exempt policyholder disaster protection fund established by this Act for the payment of policyholders' claims arising from certain catastrophic events, such as windstorms, earthquakes, fires, or floods.