Bill > HR4504

This bill, known as the INSURE (Incorporating National Support for Unprecedented Risks and Emergencies) Act, requires the Secretary of the Treasury to establish a comprehensive catastrophic property loss reinsurance program over a four-to-eight-year phased implementation period. The program will initially cover wind, hurricane, severe convective storms, wildfires, and flood risks, with potential future expansion to earthquake coverage. Participating insurers must offer all-perils property insurance policies for residential or commercial properties and engage in loss prevention partnerships with policyholders. The program will be supported by a Federal Catastrophe Reinsurance Fund, which will collect premiums from insurers and can issue government-backed bonds if needed. A diverse advisory committee will help guide the program's development, and insurers will be required to submit quarterly detailed claims data. The bill also includes a pilot program for multi-year insurance policies with stable premium structures and incentives for property maintenance and loss mitigation. Additionally, the Secretary must submit reports to Congress exploring the feasibility of establishing a relocation fund for uninsurable properties and potential earthquake coverage expansion.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4504/all-info