US Congress House Bill 3139 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 6 2011 - 25% progression, died in committee
Action: 2011-10-06 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

District of Columbia National Disaster Insurance Protection Act - Amends the Internal Revenue Code to provide for the creation and tax treatment of a tax-exempt natural disaster protection fund held by an insurance company that: (1) is incorporated and domiciled in the District of Columbia; (2) is subject to supervision by the District of Columbia Commissioner of Insurance, Securities, and Banking; (3) maintains an office in the District of Columbia that employs no fewer than 10 full-time employees, at least 5 of whom are District of Columbia residents; (4) is subject to any premium taxes and other taxes and fees imposed by the District of Columbia on all domestic insurance companies; and (5) is subject to an additional tax imposed by the District of Columbia on premiums charged for natural catastrophic risk coverage at a rate that does not exceed the rate of federal excise tax on a premium paid on a contract of reinsurance issued by any foreign insurer or reinsurer. Allows distributions from such a fund to cover losses attributable to wind (including hurricanes and tornadoes), earthquakes, floods, tsunami or tidal wave, volcanic eruption, fire, hail, snow, ice freezing, or other winter catastrophes, or a pandemic or other public health catastrophe. Sets forth tax rules for contributions to and distributions from such a fund.

District of Columbia National Disaster Insurance Protection Act

Rep. Eleanor Norton [D-DC]

Date	Chamber	Action
2011-10-06	House	Referred to the House Committee on Ways and Means.
2011-10-06	House	Sponsor introductory remarks on measure. (CR E1803)

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/3139/all-info
Text	https://www.congress.gov/112/bills/hr3139/BILLS-112hr3139ih.pdf