HR 2101

112th CONGRESS
1st Session

H. R. 2101

To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds by property and casualty insurance companies for the payment of policyholders' claims arising from future catastrophic events.

IN THE HOUSE OF REPRESENTATIVES

June 2, 2011

Mr. ROONEY (for himself and Mr. WEST) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds by property and casualty insurance companies for the payment of policyholders' claims arising from future catastrophic events.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS.

SEC. 3. CREATION OF POLICYHOLDER DISASTER PROTECTION FUNDS; CONTRIBUTIONS TO AND DISTRIBUTIONS FROM FUNDS; OTHER RULES.

`For a taxable year

The reference period

beginning in--

shall be--

2015 and later


The 3 preceding taxable years.

2014


The 2 preceding taxable years.

2013


The preceding taxable year.

2012 or before


No reference period applies.

`Line of Business on Annual

Fund Cap

Statement Blank:

Multiplier:

Fire

--0.25

Allied

--1.25

Farmowners Multiple Peril

--0.25

Homeowners Multiple Peril

--0.75

Commercial Multi Peril (non-liability portion)

--0.50

Earthquake

--13.00

Inland Marine

--0.25.

--------------------------------------------------------------------------------------------------------------------
`Taxable year beginning in: Phase-in percentage to be applied to fund cap computed under subparagraphs (A) and (B): 
--------------------------------------------------------------------------------------------------------------------
2012                                                                                                      5 percent 
2013                                                                                                     10 percent 
2014                                                                                                     15 percent 
2015                                                                                                     20 percent 
2016                                                                                                     25 percent 
2017                                                                                                     30 percent 
2018                                                                                                     35 percent 
2019                                                                                                     40 percent 
2020                                                                                                     45 percent 
2021                                                                                                     50 percent 
2022                                                                                                     55 percent 
2023                                                                                                     60 percent 
2024                                                                                                     65 percent 
2025                                                                                                     70 percent 
2026                                                                                                     75 percent 
2027                                                                                                     80 percent 
2028                                                                                                     85 percent 
2029                                                                                                     90 percent 
2030                                                                                                     95 percent 
2031 and later                                                                                         100 percent. 
--------------------------------------------------------------------------------------------------------------------

END