3.0.0 3139 2023-01-11T13:22:09Z 2023-01-11T13:22:09Z House H HR 2011-10-06 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. NORTON:H.R. 3139.Congress has the power to enact this legislation pursuantto the following:clause 17 of section 8 of article I of the Constitution.[Page H6673]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-10-06T13:00:48Z 2011-10-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-10-06 Sponsor introductory remarks on measure. (CR E1803) IntroReferral B00100 9 Library of Congress 2011-10-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-10-06 Introduced in House IntroReferral 1000 9 Library of Congress N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES N Taxation Disaster relief and insurance District of Columbia Income tax exclusion Insurance industry and regulation Life, casualty, property insurance Taxation 00 2011-10-06 Introduced in House 2011-10-21T21:00:16Z District of Columbia National Disaster Insurance Protection Act - Amends the Internal Revenue Code to provide for the creation and tax treatment of a tax-exempt natural disaster protection fund held by an insurance company that: (1) is incorporated and domiciled in the District of Columbia; (2) is subject to supervision by the District of Columbia Commissioner of Insurance, Securities, and Banking; (3) maintains an office in the District of Columbia that employs no fewer than 10 full-time employees, at least 5 of whom are District of Columbia residents; (4) is subject to any premium taxes and other taxes and fees imposed by the District of Columbia on all domestic insurance companies; and (5) is subject to an additional tax imposed by the District of Columbia on premiums charged for natural catastrophic risk coverage at a rate that does not exceed the rate of federal excise tax on a premium paid on a contract of reinsurance issued by any foreign insurer or reinsurer.

Allows distributions from such a fund to cover losses attributable to wind (including hurricanes and tornadoes), earthquakes, floods, tsunami or tidal wave, volcanic eruption, fire, hail, snow, ice freezing, or other winter catastrophes, or a pandemic or other public health catastrophe.

Sets forth tax rules for contributions to and distributions from such a fund.

]]> District of Columbia National Disaster Insurance Protection Act Display Title District of Columbia National Disaster Insurance Protection Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds in the District of Columbia by property and casualty insurance companies for the payment of policyholders' claims arising from natural catastrophic events. Introduced in House IH Short Titles as Introduced District of Columbia National Disaster Insurance Protection Act Introduced in House 2011-10-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr3139ih/xml/BILLS-112hr3139ih.xml 2011-10-06 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.