District of Columbia National Disaster Insurance Protection Act

Summary

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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 October 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 6 October 2011

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• Introduced in House

  summary · EN · 6 October 2011

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