Earthquake Insurance Affordability Act
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S 637 — Earthquake Insurance Affordability Act
Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Earthquake Insurance Affordability Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state earthquake (specifically, residential property) insurance programs, and (2) expedite the payment of claims under such programs and better assist financial recovery from significant earthquakes. Prescribes operational requirements for eligible state programs which include an established earthquake insurance program that: (1) offers residential property insurance coverage for insured losses to property, contents, and additional living expenses; and (2) does not require insurers to pool resources to provide property insurance coverage for earthquakes. Includes among such operational requirements that the state: (1) has in effect and enforces, or the appropriate local governments within the state have in effect and enforce, nationally recognized building, seismic-design, and safety codes and consensus-based standards; and (2) has taken actions to establish an insurance rate structure that takes into account measures to mitigate insured losses. Directs the Secretary to establish procedures for certification of an eligible state program. Limits to $5 billion, including interest, the aggregate principal amount of outstanding debt obligations guaranteed by the Secretary. Makes appropriations to satisfy debt guarantee commitments. Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees. Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.
Bill Text
We don't have the full text on file for this bill yet.
Read S 637 on the official United States source →Action History
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Sponsor introductory remarks on measure. (CR S1845-1846)
Sponsors
- Dianne Feinstein · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does S 637 do?
- Earthquake Insurance Affordability Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state earthquake (specifically, residential property) insurance programs, and (2) expedite the payment of claims under such programs and better assist financial recovery from significant earthquakes. Prescribes operational requirements for eligible state programs which include an established earthquake insurance program that: (1) offers residential property insurance coverage for insured losses to property, contents, and additional living expenses; and (2) does not require insurers to pool resources to provide property insurance coverage for earthquakes. Includes among such operational requirements that the state: (1) has in effect and enforces, or the appropriate local governments within the state have in effect and enforce, nationally recognized building, seismic-design, and safety codes and consensus-based standards; and (2) has taken actions to establish an insurance rate structure that takes into account measures to mitigate insured losses. Directs the Secretary to establish procedures for certification of an eligible state program. Limits to $5 billion, including interest, the aggregate principal amount of outstanding debt obligations guaranteed by the Secretary. Makes appropriations to satisfy debt guarantee commitments. Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees. Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.
- Who sponsors S 637?
- S 637 is sponsored by Dianne Feinstein (D).
- What is the current status of S 637?
- This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 637?
- Track S 637 free on One Click Politics — get push/email alerts when it moves.
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