[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4888 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4888

  To require certain insurance companies to disclose investments and 
underwriting that relate to coal mining and oil and gas extraction and 
            fossil fuel extraction, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2023

    Mr. Schiff (for himself, Ms. Tlaib, Ms. Castor of Florida, Mr. 
    Magaziner, Ms. Lee of California, Mr. Huffman, and Mr. Doggett) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

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                                 A BILL


 
  To require certain insurance companies to disclose investments and 
underwriting that relate to coal mining and oil and gas extraction and 
            fossil fuel extraction, 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 ``Polluter Portfolio Disclosure Act''.

SEC. 2. REQUIRED DISCLOSURE OF INVESTMENTS.

    (a) In General.--Each insurance company that, in a fiscal year, is 
paid, by customers, an aggregate amount in premiums that is equal to or 
greater than $100,000,000, shall disclose, each year, to the Congress, 
the Office of Financial Research, the Financial Stability Oversight 
Counsel, and the Federal Insurance Office--
            (1) a list of all investments of such insurance company 
        that relate to coal mining, oil and gas extraction, fossil fuel 
        extraction, and companies and infrastructure associated with 
        each; and
            (2) a list of all insurance policies written by such 
        insurance company that relate to coal mining, oil and gas 
        extraction, fossil fuel extraction, and companies and 
        infrastructure associated with each, including maximum exposure 
        and direct written premium.
    (b) Use of Disclosed Information.--The Office of Financial 
Research, the Financial Stability Oversight Counsel, and the Federal 
Insurance Office shall use information disclosed pursuant to subsection 
(a) to enhance monitoring of financial risks to consumers, individual 
insurance companies, and the financial system.
    (c) Public Disclosure.--The Federal Insurance Office shall, each 
year, publish a searchable document that contains the information 
disclosed by insurance companies in the previous 1-year period pursuant 
to subsection (a).
    (d) Insurance Company Defined.--In this section, the term 
``insurance company'' means any entity and subsidiary of such entity 
that the Federal Insurance Office has authority over as described in 
section 313 of title 31, United States Code.
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