H.R. 6477 (112th): Taxpayer Protection Act of 2012

Introduced:
Sep 20, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Albio Sires
Representative for New Jersey's 13th congressional district
Party
Democrat
Text
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Last Updated
Sep 20, 2012
Length
56 pages
 
Status

This bill was introduced on September 20, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 20, 2012
Referred to Committee Sep 20, 2012
 
Full Title

To strengthen America's financial infrastructure, by requiring pre-funding for catastrophe losses using private insurance premium dollars to protect taxpayers from massive bailouts, and to provide dedicated funding from insurance premiums to improve catastrophe preparedness, loss prevention and mitigation, and to improve the availability and affordability of homeowners insurance coverage for catastrophic events, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

Housing and Insurance

House Transportation and Infrastructure

Economic Development, Public Buildings, and Emergency Management

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/20/2012--Introduced.
Taxpayer Protection Act of 2012 - Directs the Secretary of the Treasury to establish the National Commission on Natural Catastrophe Preparation and Protection to advise the Secretary regarding the estimated loss costs associated with reinsurance protection contracts.
Requires the Secretary to implement a program that utilizes premiums from eligible state or multi-state plans to pre-fund future natural catastrophe recovery by making available for purchase, only by such plans, contracts for reinsurance coverage.
Requires such contracts to cover insured property losses covered under primary insurance contracts to homeowners, mobile home owners, renters, and condominium owners for specified natural perils.
Prescribes requirements for the operation of state plans and the terms of reinsurance contracts.
Encourages states to create and maintain catastrophe funds for themselves or with other states.
Sets forth requirements for the treatment of insured losses and maximum federal liability.
Establishes in the Treasury the Catastrophe Preparedness Fund, consisting of contract sales receipts and any amounts borrowed or earned, which shall be used to pay Commission administrative costs and loss payments under reinsurance contracts. Prohibits the authorization or appropriation of federal funds for the Fund or for implementing the reinsurance liquidity protection program.
Establishes a post-catastrophe market stabilization program for liquidity loans to: (1) expedite payment of claims under state catastrophe insurance programs, (2) authorize the Secretary to issue loans to assist financial recovery from significant natural catastrophes, and (3) promote the availability of private capital to state catastrophe insurance programs in order to provide liquidity and capacity.
Establishes the National Readiness, Preparedness and Mitigation Committee to administer a Readiness, Preparedness, and Mitigation Grant Program of grants to state and local governments, nonprofit organizations, and other appropriate public and private entities to develop programs and initiatives to improve disaster response, citizen preparedness and protection, and prevention and mitigation of losses from natural catastrophes.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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