The INSURE Act requires the Secretary of the Treasury to establish a catastrophic property loss reinsurance program.
The INSURE Act requires the Secretary of the Treasury to establish a catastrophic property loss reinsurance program to provide reinsurance for qualifying primary insurance companies. The Secretary must establish a pilot program for all-perils property insurance policies, with a policy term of at least 5 years. Participating insurers may increase premiums based on certain factors but not on catastrophe peril risks. The Secretary must also establish a Federal Catastrophe Reinsurance Fund to hold and invest premiums.
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- Core Provisions
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- Legal Framework
- Critical Issues
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