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Restoring Competitive Property Insurance Availability Act

12/15/2023, 3:55 PM

Summary of Bill HR 1545

Bill 118 hr 1545, also known as the Restoring Competitive Property Insurance Availability Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address concerns about the availability and affordability of property insurance in certain areas of the country.

The bill aims to achieve this goal by promoting competition among insurance providers and increasing transparency in the insurance market. It includes provisions that would require insurance companies to disclose more information about their pricing and underwriting practices, as well as measures to prevent anti-competitive behavior in the industry.

Additionally, the bill seeks to improve access to insurance for homeowners and businesses in high-risk areas, such as those prone to natural disasters. It proposes the creation of a national database of insurance policies and claims data, which would help insurers better assess risk and set more accurate premiums. Overall, the Restoring Competitive Property Insurance Availability Act is designed to address the challenges faced by consumers and businesses in obtaining affordable and comprehensive property insurance coverage. It aims to create a more competitive and transparent insurance market that benefits both insurers and policyholders.

Congressional Summary of HR 1545

Restoring Competitive Property Insurance Availability Act

This bill excludes from the gross income of specified insurance companies (other than life insurance companies) certain income from providing qualified real property insurance after a federally declared disaster. The bill defines qualified real property insurance income to mean the excess of premiums received by such insurance companies for real property insurance for property located in the disaster area, over deductions properly allocable to such premiums.

Current Status of Bill HR 1545

Bill HR 1545 is currently in the status of Bill Introduced since March 10, 2023. Bill HR 1545 was introduced during Congress 118 and was introduced to the House on March 10, 2023.  Bill HR 1545's most recent activity was Referred to the House Committee on Ways and Means. as of March 10, 2023

Bipartisan Support of Bill HR 1545

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1545

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1545

Restoring Competitive Property Insurance Availability Act
Restoring Competitive Property Insurance Availability Act
To amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing real property insurance following certain federally declared disasters.

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