To require a report by the Comptroller General of the United States on a national all-hazards disaster insurance program.
Source: Congress.gov ·
293 words in original text
What This Bill Does
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This bill requires the Comptroller General of the United States (the official who audits federal spending and programs) to write a report to Congress about whether a national all-hazards disaster insurance program could work. An all-hazards disaster insurance program would cover homes and property against damage from various types of disasters.
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Who It Affects
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The Comptroller General of the United States. Congress (who receives the report). Property owners. The housing market.
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Key Provisions
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• The Comptroller General must submit a report to Congress about whether a national all-hazards disaster insurance program is feasible and how it would be designed (Sec. 1)
• The report must address the risk that homeowners do not buy enough insurance or buy no insurance at all, and how this affects housing market stability (Sec. 1)
• The report must examine the challenge of creating actuarial tables (mathematical tools used to calculate insurance costs) to set insurance premiums and the options for collecting payments annually, quarterly or monthly (Sec. 1)
• The report must explore the challenges and feasibility of selling disaster policies at the same time someone buys property casualty insurance (Sec. 1)
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What Changes
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If this becomes law, Congress will receive a report analyzing a potential national disaster insurance program. No other changes occur unless Congress takes separate action based on the report's findings.
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Important Definitions
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None defined in bill text.
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Effective Date
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Not later than 320 days after the date this law is enacted (Sec. 1).
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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