Insurance Disclosure Act

Summary

Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development (the Secretary) to establish requirements for insurers to compile and submit information to the Secretary for each annual reporting period concerning the affordability and availability of insurance coverage for: (1) noncommercial insurance; (2) commercial insurance for residential properties and small businesses in urban areas; (3) bid, performance, and payment bonds for small businesses; and (4) insurance in designated rural areas. Authorizes the Secretary to waive such disclosure requirements if the State within which the insurer transacts business has an equivalent disclosure mechanism in place. Directs the Financial Institutions Examination Council to determine the extent to which private mortgage insurers make available to the public and to regulatory agencies the mortgage information required to be reported under the Home Mortgage Disclosure Act of 1975. Provides for contracting out such data collection or submission of such data through statistical agents. Directs the Secretary to set forth specified annual disclosure requirements for loans and investments made by designated insurers in a designated metropolitan statistical area. Prescribes guidelines for: (1) the compilation and public accessibility of the disclosures mandated by this Act; and (2) written notification by an insurer to applicants and policyholders regarding the reasons that coverage was denied. Sets forth civil penalties for insurers in violation of this Act. Directs the Secretary to establish a task force to report to certain congressional committees on insurance agency appointments affecting inner city and minority agents. Requires the Secretary to conduct studies and report to certain congressional committees on: (1) prescreening of insurance applicants; (2) insurer practices affecting the insurance needs of low- and moderate-income neighborhoods, minority neighborhoods, and small businesses located in such neighborhoods; (3) disparate treatment of policyholders by insurers based upon sex, race, or income level; (4) the disparate impact upon policyholders of basing insurance premiums upon the territory in which the insured risk is located; and (5) community reinvestment requirements for insurers that are comparable to those for depository institutions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 September 1993

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 29 September 1993

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 September 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 October 1993

   Referred

   Referred to the Subcommittee on Consumer Credit and Insurance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 September 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 September 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 September 1993

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 29 September 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kennedy, Joseph P., II [D-MA-8] · D · Sponsor
• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• · hsba00 · Standing

Related records

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