PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Jan 10, 2024
Incorporating National Support for Unprecedented Risks and Emergencies Act or the INSURE Act
The Department of the Treasury must establish a catastrophic property loss reinsurance program that provides reinsurance to qualifying insurance companies. (Reinsurance protects insurers from large losses.) To qualify for reinsurance coverage, insurers must offer an all-perils insurance policy for residential or commercial property and offer incentives to policyholders for activities that reduce losses.
The bill provides for a phase-in of the program over several years to cover different catastrophes and perils, including floods, hurricanes, and wildfire. When flood coverage is phased in, the National Flood Insurance Program may no longer issue new policies.
Showing the opening paragraphs of the official summary.
The bill establishes the threshold for payouts, guidelines for premium rates, and a Federal Catastrophe Reinsurance Fund for the purpose of investing the premiums paid by insurers and for the issuance of notes and bonds.
Treasury must establish a grant program to incentivize investments in loss-reduction activities and to encourage states to require insurers to offer an all-perils property insurance policy.
Treasury must report on the feasibility of (1) funding the relocation of homes and businesses that have become uninsurable, and (2) including earthquakes as a peril in all-peril policies. Earthquakes must be added to the program as a covered peril at the earliest of eight years after the date of enactment or the date on which the report is submitted.
Treasury must also establish a pilot program for multiyear all-perils property insurance.
People & committees
Rep. Schiff, Adam B. [D-CA-28] · D–CA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Dec 2, 2024. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.6944 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.6944 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.6944 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.6944 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.