H.R. 3014 · 118th Congress
CART Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LaHoodSponsor11 cosponsors · 6 D, 5 R
D
Himes
BL
R
Luetkemeyer
JP
D
Panetta
BS
D
Schneider
WS
R
Steube
CM
R
Miller
MS
R
Steel
BP
D
Pettersen
JL
D
Larson
MC
R
Carey
WN
D
Nickel1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Catastrophic Risk Transfer Act of 2023 or the CART Act of 2023
What it does: CRS summary · Introduced in House · Apr 28, 2023
Catastrophic Risk Transfer Act of 2023 or the CART Act of 2023
This bill establishes a system for the taxation of catastrophic risk transfer companies and their security holders to ensure sufficient capital to cover catastrophic insurance losses. The bill defines catastrophic risk as a risk of loss that has a low likelihood of occurring but that would be large in amount.
The bill defines catastrophic risk transfer company as any domestic corporation created and regulated under state law with the purpose of entering into one or more insurance or reinsurance agreements covering catastrophic risk.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CART Act of 2023
Also known as: Catastrophic Risk Transfer Act of 2023
Latest action (Apr 28, 2023): Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: Apr 28, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.