H.R. 240
Homeowners Insurance Protection Act of 2013
Referred to the House Committee on Financial Services.
Sponsor
Rep. Ross, Dennis A. [R-FL-15]
Bill Details
- Update Date
- Nov 15, 2019
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 240
- Congress
- 113
- Introduced Date
- Jan 14, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Referred to the House Committee on Financial Services.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
Homeowners Insurance Protection Act of 2013 - 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.
Financial Services Committee
Introduced in House
Jan 14, 2013