Homeowners Insurance Protection Act of 2009
Latest action · Jan 6, 2009 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 6, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Homeowners Insurance Protection Act of 2009 - 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 1
Members who signed on, in the order they did. All signed on Mar 30, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Mario Diaz-Balart | Mar 30, 2009 |
Actions 2
Everything that happened, newest first.
- Jan 6, 2009Introduced in House
- Jan 6, 2009Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Advisory bodies
- Congressional oversight
- Department of the Treasury
- Disaster relief and insurance
- Finance and Financial Sector
- Floods and storm protection
- Government liability
- Government studies and investigations
- Government trust funds
- Housing finance and home ownership
- Housing industry and standards
- Insurance industry and regulation
- Natural disasters
- Public contracts and procurement
Text 1
Each version as it was printed, newest first.
- Jan 6, 2009Introduced 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.