H.R. 91 · 110th Congress
Homeowners Insurance Protection Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Brown-WaiteSponsor12 cosponsors · 1 D, 11 R
R
Buchanan
LD
R
Diaz-Balart
GB
R
Bilirakis
MD
R
Diaz-Balart
IR
R
Ros-Lehtinen
TF
R
Feeney
CY
R
Young
JM
R
Miller
BG
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Gordon
WJ
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Jones
JG
R
Gerlach
RK
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Keller1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Jan 4, 2007
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 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.
Directs the Comptroller General to study the national flood insurance program and hurricane-related flooding.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Homeowners Insurance Protection Act of 2007
Latest action (Jan 4, 2007): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 4, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.