S. 1813 · 113th Congress
Earthquake Insurance Affordability Act of 2013
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FeinsteinSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Earthquake Insurance Affordability Act of 2013 - 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…
What it does: CRS summary · Introduced in Senate · Dec 12, 2013
Earthquake Insurance Affordability Act of 2013 - 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; (2) is prohibited from requiring insurers to pool resources to provide property insurance coverage for earthquakes; (3) is based upon the best available scientific information for assessing the risk of earthquake frequency, severity, and loss; and (4) incorporates the sum of the modeled expected loss, risk financing costs, loss adjustment expense, and any other expenses necessary to operate the state program.
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 annual certification of an eligible state program.
Restricts to $3 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.
Restricts to $1.5 billion the amount of a debt guarantee that an eligible state program receives to secure or provide claim-payment capacity for paying the insured losses and loss adjustment expenses from all events relating to a single earthquake.
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 of 2013
Latest action (Dec 12, 2013): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 12, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.