[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1061 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1061

To require insurance companies to fully disclose insurance coverage and 
     noncoverage of homeowners' insurance policies, to provide for 
  enforcement by the Federal Trade Commission, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 29, 2007

   Mr. Lott introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require insurance companies to fully disclose insurance coverage and 
     noncoverage of homeowners' insurance policies, to provide for 
  enforcement by the Federal Trade Commission, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowners' Insurance Noncoverage 
Disclosure Act''.

SEC. 2. REQUIRED DISCLOSURE OF NONCOVERAGE IN HOMEOWNERS' INSURANCE 
              POLICIES.

    (a) In General.--Each individual homeowner's policy written by a 
State-registered insurance company shall include on the front or first 
page of the policy a ``Noncoverage Disclosure'' box restating in plain 
English, in bold font twice the size of the text in the body of the 
policy, all conditions, exclusions, and other limitations pertaining to 
coverage under that policy, regardless of the underlying insurance 
product in question.
    (b) Regulations.--Not later than 180 days after the date of the 
enactment of this Act, the Federal Trade Commission shall promulgate 
such regulations as may be necessary to carry out the provisions of 
this Act.

SEC. 3. ENFORCEMENT.

    (a) In General.--Any failure to comply with the provisions of 
section 2 shall be treated as a violation of a regulation under section 
18(a)(1)(B) of the Federal Trade Commission Act (15 U.S.C. 
57a(a)(1)(B)) regarding unfair or deceptive acts or practices.
    (b) Powers of Federal Trade Commission.--
            (1) In general.--The Federal Trade Commission shall prevent 
        any person from violating this Act, and any regulation 
        promulgated thereunder, in the same manner, by the same means, 
        and with the same jurisdiction, powers, and duties as though 
        all applicable terms and provisions of the Federal Trade 
        Commission Act (15 U.S.C. 41 et seq.) were incorporated into 
        and made a part of this Act.
            (2) Penalties.--Any person who violates regulations 
        promulgated under this Act shall be subject to the penalties 
        and entitled to the privileges and immunities provided in the 
        Federal Trade Commission Act in the same manner, by the same 
        means, and with the same jurisdiction, power, and duties as 
        though all applicable terms and provisions of the Federal Trade 
        Commission Act were incorporated into and made part of this 
        Act.
    (c) Authority Preserved.--Nothing in this Act shall be construed to 
limit the authority of the Federal Trade Commission under any other 
provision of law.
                                 <all>