Bill · S. 2349· Senate(119-S-2349)
INSURE Act
- Introduced
- 7/17/2025
- Last activity
- 7/17/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Adam Schiff
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill directs the Secretary of the Treasury to create the "INSURE Act" program, a catastrophic property loss reinsurance program. The program is designed to provide reinsurance for qualifying primary insurance companies covering risks like wind, hurricanes, wildfires, floods, and earthquakes. It establishes a Federal Catastrophe Reinsurance Fund to manage these risks and provides a phased-in timeline for covering different perils. The Act also includes provisions for a multi-year policy pilot program and requires the Secretary to establish an advisory committee. Additionally, the Secretary must conduct feasibility reports regarding relocation funds and earthquake coverage.
Yes· 3 of 8
Does this improve help for people hit by a disaster?+6
The act creates a reinsurance mechanism that mitigates the financial impact of catastrophes, acting as a proactive layer of disaster resilience.
Would business owners be better off under this?+5
The inclusion of commercial property coverage helps stabilize the insurance costs for business owners facing catastrophe risks.
Does this give people more protection from unfair business practices?+5
The program enhances consumer protection by providing more stable insurance markets and potential long-term policy stability.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Risk Coverage for Catastrophes: The program provides reinsurance for perils including wind, hurricane, severe convective storm, wildfire, flood, and potentially earthquake, which helps support insurance availability for residential and commercial properties (Section 2; Section 3(d)).
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Encouraging Safety Investments: The bill allows for loss prevention partnerships, which can encourage investments and activities that reduce economic and insured losses from catastrophe perils (Section 3(b)(2); Section 3(g)).
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Market Stability: The program aims to promote stable and competitive markets for catastrophe reinsurance and incentivizes the creation of capital market alternatives, such as catastrophe bonds (Section 3(e)(3)(B)).
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Long-Term Policy Stability: Through a pilot program, consumers may access multi-year policies of at least 5 years, where premium increases are restricted from being based on changes in the assessment of catastrophe peril risks (Section 5(a); Section 5(b)(2)).
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Data Transparency: The Act requires the collection of data to be made available online, which can help assess risks to financial stability and the impact of under-insurance in underserved markets (Section 3(j)).
Potential Negative Impacts for People
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Financial Obligations for Insurers: Participating insurers are required to pay quarterly premiums to the Secretary to participate in the Program (Section 3(f)(1)).
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Strict Requirements for Long-Term Policies: Under the pilot program, if a policyholder receives funds for property improvements and cancels the policy before the term ends, they must return a pro-rata share of those funds (Section 5(c)(3)).
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Premium Limitations: While the program aims to reduce costs, the Secretary is prohibited from setting premiums lower than 50 percent of the sum of expected average annual losses and administrative costs (Section 3(f)(4)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+5Good For Middle Class Households+4Good For Low Income Households+3
- Governance And Ideology
- Increases Federal Power+4Improves Government Transparency+3
- Environment Energy And Infrastructure
- Improves Disaster Relief And F E M A+6
- Economy And Finance
- Improves Consumer Protection+5
- Social Issues And Justice
- Improves Affordable Housing+5
- 7/17/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Mazie HironoDemocrat · Hawaii