H.R. 6944 — INSURE Act

Incorporating National Support for Unprecedented Risks and Emergencies Act or the INSURE Act The Department of the Treasury must establish a catastrophic property loss reinsurance program that provides reinsurance to qualifying insurance companies. (Reinsurance protects insurers from large losses.) To qualify for reinsurance coverage, insurers must offer an all-perils insurance policy for residential or commercial property and offer incentives to policyholders for activities that reduce losses. The bill provides for a phase-in of the program over several years to cover different catastrophes and perils, including floods, hurricanes, and wildfire. When flood coverage is phased in, the Natio...