National Catastrophic Disaster Insurance Act
Latest action. Referred to House Committee on Banking and Currency.
National Catastrophic Disaster Insurance Act - Establishes a program of Federal insurance against catastrophic natural disasters and other such disasters utilizing the private insurance industry, particularly risk-sharing pools of insurance companies, while preserving State regulation. Establishes, within the office of the Federal Insurance Administrator in the Department of Housing and Urban Development, the position of Assistant Insurance Administrator for Disaster Insurance, who shall head an office of Federal Disaster Insurance. Authorizes the Secretary of the Department of Housing and Urban Development to: (1) impose and collect an insurance premium surcharge which may not exceed 5 percent and may vary on a statewide regional, country wide basis, or any combination of these; (2) determine and prescribe the terms, conditions, and limitations of the catastrophic disaster insurance program as provided under this Act; (3) purchase reinsurance to the extent deemed appropriate and available; (4) make such disbursements from a special fund established in the U.S. Treasury for operations under this Act in order to reimburse insurance companies in full for claims paid by them for covered losses under the Act's program and for other operating expenses incurred by such companies under the program; and (5) make other disbursements and take other actions necessary to carry out the purposes of the Act. Extends as mandatory the coverage of castatrophic disasters in each property insurance policy now in effect or hereafter issued, other than motor vehicle insurance policies. Establishes in U.S. Treasury a fund to be used by the Secretary for operating and capital expenses under this Act. Forbids coverage of new catastrophic disaster insurance where in violation of State or local laws or where the Secretary determines an area to be of special catastrohpic disaster risk. Prohibits the duplications of benefits where loss is covered by a valid claim paid under catastrophic disaster insurance under this Act. Provides for the termination of the Act's program no later than June 30, 1975 if catastrophic disaster insurance equal or increased coverage is provided by private insurance companies.
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 12, 1973. 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 12, 1973: Referred to House Committee on Banking and Currency.
- 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 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 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?
DANIEL FLOOD (D-PA) introduced it on April 12, 1973, and 24 members have since signed on as cosponsors.
They come from both major parties: 18 Democrats, 6 Republicans.
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 12, 1973, 19509 days ago. The most recent recorded action was 19509 days ago, on April 12, 1973.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 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