Natural Disaster Reinsurance Act of 2016
Latest action. Referred to the House Committee on Financial Services.
Natural Disaster Reinsurance Act of 2016
This bill directs the Department of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise it regarding estimated loss costs associated with contracts for reinsurance coverage.
Treasury may make homeowners protection coverage available through contracts for reinsurance coverage. Only eligible state programs may purchase such coverage.
Each contract for reinsurance coverage shall furnish insurance coverage against residential property losses to homes, including condominium and cooperative ownership, and the contents of apartment buildings.
The bill prescribes a minimum level of retained losses and maximum federal liability.
Any insurer who participates in an eligible state program may establish a Catastrophe Capital Reserve Fund to hold funds on Treasury's behalf to offset reinsurance claims.
The bill 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.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 14, 2016. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 14, 2016: Referred to the House Committee on Financial Services.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
David Jolly (R-FL) introduced it on April 14, 2016. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 14, 2016, 3801 days ago. The most recent recorded action was 3801 days ago, on April 14, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers