Homeowners Insurance Protection Act of 2007
Latest action · Jan 4, 2007 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 4, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Homeowners Insurance Protection Act of 2007 - 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.
Directs the Comptroller General to study the national flood insurance program and hurricane-related flooding.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Jan 4, 2007 to May 21, 2007, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Vern Buchanan | Original | Jan 4, 2007 |
| R-FL | Lincoln Diaz-Balart | Jan 9, 2007 | |
| R-FL | Gus M. Bilirakis | Jan 11, 2007 | |
| R-FL | Ileana Ros-Lehtinen | Jan 11, 2007 | |
| R-FL | Mario Diaz-Balart | Jan 11, 2007 | |
| R-FL | C. W. Bill Young | Jan 24, 2007 | |
| R-FL | Tom Feeney | Jan 24, 2007 | |
| R-FL | Jeff Miller | Feb 14, 2007 | |
| D-TN | Bart Gordon | Apr 17, 2007 | |
| R-NC | Walter B. Jones | Apr 17, 2007 | |
| R-PA | Jim Gerlach | Apr 18, 2007 | |
| R-FL | Ric Keller | May 21, 2007 |
Actions 2
Everything that happened, newest first.
- Jan 4, 2007Introduced in House
- Jan 4, 2007Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Building construction
- Building laws
- Building materials
- Casualty insurance
- Coinsurance
- Commerce
- Congress
- Congressional investigations
- Congressional reporting requirements
- Department of the Treasury
- Disaster insurance
- Earthquakes
- Economics and Public Finance
- Emergency Management
- Federal advisory bodies
- Finance and Financial Sector
- Fires
- Floods
- Government Operations and Politics
- Government publicity
- Government trust funds
- Governmental investigations
- Housing and Community Development
- Hurricanes
- Indexing (Economic policy)
- Insurance companies
- Insurance premiums
- Law
- Losses
- Property insurance
- Reinsurance
- Risk
- State laws
- Storms
- Surety and fidelity
- Tornadoes
- Tsunamis
- Volcanoes
Text 1
Each version as it was printed, newest first.
- Jan 4, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.