H.R. 3125 · 112th Congress
Earthquake Insurance Affordability Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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CampbellSponsor28 cosponsors · 21 D, 7 R
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Calvert
JL
R
Lewis
EG
R
Gallegly
DL
R
Lungren
JC
D
Costa
JC
D
Chu
JG
D
Garamendi
LS
D
Sanchez
AS
D
Schiff
JS
D
Speier
HB
D
Berman
MH
D
Honda
MB
R
Bono Mack
DC
D
Cardoza
ZL
D
Lofgren
KB
D
Bass
LC
D
Capps
BL
D
Lee
DM
D
Matsui
MT
D
Thompson
BB
R
Bilbray
JM
D
McNerney
BF
D
Filner
AE
D
Eshoo
SF
D
Farr
BM
R
McKeon
LW
D
Woolsey
JH
D
Hahn2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Earthquake Insurance Affordability Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state earthquake (specifically, residential property)…
What it does: CRS summary · Introduced in House · Oct 6, 2011
Earthquake Insurance Affordability Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state earthquake (specifically, residential property) insurance programs, and (2) expedite the payment of claims under such programs and better assist financial recovery from significant earthquakes.
Prescribes operational requirements for eligible state programs which include an established earthquake insurance program that: (1) offers residential property insurance coverage for insured losses to property, contents, and additional living expenses; and (2) does not require insurers to pool resources to provide property insurance coverage for earthquakes.
Includes among such operational requirements that the state: (1) has in effect and enforces, or the appropriate local governments within the state have in effect and enforce, nationally recognized building, seismic-design, and safety codes and consensus-based standards; and (2) has taken actions to establish an insurance rate structure that takes into account measures to mitigate insured losses.
Directs the Secretary to establish procedures for certification of an eligible state program.
Limits to $5 billion, including interest, the aggregate principal amount of outstanding debt obligations guaranteed by the Secretary.
Makes appropriations to satisfy debt guarantee commitments.
Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees.
Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Earthquake Insurance Affordability Act
Latest action (Oct 21, 2011): Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 6, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.