INSURE ACT — Summary and Analysis

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On January 10, 2024, Rep. Adam Schiff introduced the Incorporating National Support for Unprecedented Risks and Emergencies Act (INSURE Act) (H.R. 6944) which would create a federal catastrophic property loss reinsurance program. My summary and analysis of the Bill can be found here → Summary.

The proposal would:

• Place the National Flood Insurance Program into run-off;
• Create a federal backstop for residential and commercial property insurance covering flood, windstorm, wildfire, severe convective storms, and earthquake; and
• Require participating insurers to pay a premium for federal reinsurance coverage.