H.R.3139 - District of Columbia National Disaster Insurance Protection Act

To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds in the District of Columbia by property and casualty insurance companies for the payment of policyholders' claims arising from natural catastrophic events. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for the creation of disaster protection funds in the District of Columbia by property and casualty insurance companies for the payment of policyholders' claims arising from natural catastrophic events. as introduced.
  • Short: District of Columbia National Disaster Insurance Protection Act as introduced.

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Introduced
 
House
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Senate
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President
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10/06/11
 
 
 
 
 
 
 

Official 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;

Official 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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