3.0.0 637 2022-02-03T05:53:23Z 2022-02-03T05:53:23Z Senate S S 2011-03-17 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2011-03-17T20:54:56Z Earthquake Insurance Affordability Act 112 3125 HR 2011-10-21 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Identical bill CRS 2011-03-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-03-17 Sponsor introductory remarks on measure. (CR S1845-1846) IntroReferral B00100 9 Library of Congress 2011-03-17 Introduced in Senate IntroReferral 10000 9 Library of Congress F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA N B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2011-03-17 True Finance and Financial Sector Disaster relief and insurance Government lending and loan guarantees Natural disasters State and local finance Finance and Financial Sector 00 2011-03-17 Introduced in Senate 2011-11-07T21:03:38Z Earthquake Insurance Affordability Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state earthquake (specifically, residential property) insurance programs, and (2) expedite the payment of claims under such programs and better assist financial recovery from significant earthquakes.

Prescribes operational requirements for eligible state programs which include an established earthquake insurance program that: (1) offers residential property insurance coverage for insured losses to property, contents, and additional living expenses; and (2) does not require insurers to pool resources to provide property insurance coverage for earthquakes.

Includes among such operational requirements that the state: (1) has in effect and enforces, or the appropriate local governments within the state have in effect and enforce, nationally recognized building, seismic-design, and safety codes and consensus-based standards; and (2) has taken actions to establish an insurance rate structure that takes into account measures to mitigate insured losses.

Directs the Secretary to establish procedures for certification of an eligible state program.

Limits to $5 billion, including interest, the aggregate principal amount of outstanding debt obligations guaranteed by the Secretary.

Makes appropriations to satisfy debt guarantee commitments.

Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees.

Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.

]]> Earthquake Insurance Affordability Act Short Titles as Introduced Earthquake Insurance Affordability Act Display Title Earthquake Insurance Affordability Act Official Title as Introduced A bill to establish a program to provide guarantees for debt issued by or on behalf of State catastrophe insurance programs to assist in the financial recovery from earthquakes, earthquake-induced landslides, volcanic eruptions, and tsunamis. Introduced in Senate 2011-03-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s637is/xml/BILLS-112s637is.xml 2011-03-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.