Lowering CAR Insurance Act

Bill: 118-hr-9618
Sponsor: full_name: Rep. Caraveo, Yadira [D-CO-8]
Introduced: 2024-09-17
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-09-17
text: Referred to the House Committee on Financial Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9618 IN THE HOUSE OF REPRESENTATIVES September 17, 2024 Ms. Caraveo introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Director of the Federal Insurance Office to submit an annual report to the President and certain Congressional committees with respect to the automobile insurance industry, and for other purposes.

1. Short title This Act may be cited as the Lowering Costs and Auto Rates for Insurance Act or the Lowering CAR Insurance Act . 2. Annual report with respect to the automobile insurance industry (a) In general Section 313(n) of title 31, United States Code, is amended by adding at the end the following: (3) Automobile insurance The Director shall submit a report on or before September 30 of each calender year to the President and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the automobile insurance industry that contains— (A) legislative recommendations with respect to lowering the cost of automobile insurance; and (B) any other information with respect to the automobile insurance industry as deemed relevant by the Director or requested by such Committees. . (b) Effective date The amendment made by this section shall take effect on the date that is 90 days after the date of the enactment of this section.