INSURE Act

The INSURE Act would require the Secretary of the Treasury to establish a catastrophic property loss reinsurance program to provide reinsurance for qualifying primary insurance companies offering all-perils property insurance policies. The program would phase in coverage for specific perils—starting with wind and hurricane, then severe convective storm and wildfire, followed by flood, and finally earthquake contingent on a feasibility report—and would require participating insurers to pay quarterly premiums and engage in loss prevention partnerships with policyholders. The bill also creates a Federal Catastrophe Reinsurance Fund to hold premiums, allows for Treasury-issued notes and bonds…

No official summary is available here. This one was written by AI from the bill’s text.