Commission on Natural Disaster Risk Management and Insurance Act
Natural Disaster Insurance: National Study Commission
This bill is currently in the early stages of the legislative process. It has been sent to two House committees for review and is waiting for further action. There are no upcoming votes scheduled at this time.
Legislative Progress
This bill has support from both parties, which is a good sign for its future. However, many bills that only create study groups struggle to get enough attention to pass through both chambers.
Key Points
- This bill would create a 26-member group of experts to study why insurance is becoming so expensive or hard to get in areas with high risks of natural disasters. The group will look at risks from wildfires, hurricanes, floods, and other major events.
- The commission will investigate how moving to high-risk areas and building new homes there impacts the cost of disaster losses. They will also check if current building codes and local laws are doing enough to keep homes safe.
- The study will look at the health of state-run insurance programs and private companies to see if they have enough money to pay out claims after a huge disaster. It will also explore new ways for the government and private markets to share the financial risks.
- Special attention will be given to low-income neighborhoods to find ways they can better protect their property and afford insurance. The goal is to make sure everyone has a way to recover financially after a disaster.
- The commission has two years to finish its work and send a report to Congress. This report will include recommendations for new laws or changes to help make the insurance market more stable and affordable for regular people.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Commission on Natural Disaster Risk Management and Insurance Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.