HR 5734 117th Congress House Taxation

CART Act

Introduced: October 26, 2021 Introduced by: Himes, James A. Democratic · Connecticut See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 26, 2021

Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Oct 26, 2021

Introduced in House

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Plain-English summary Congressional Research Service

Catastrophic Risk Transfer Act of 2021 or the CART Act

This bill establishes a system for the taxation of catastrophic risk transfer companies and their security holders to ensure sufficient capital to cover catastrophic insurance losses. The bill defines catastrophic risk as a risk of loss that has a low likelihood of occurring but that would be large in amount.

The bill defines catastrophic risk transfer company as any domestic corporation created and regulated under state law with the purpose of entering into one or more insurance or reinsurance agreements covering catastrophic risk.

What's happening now October 26, 2021

Bill text 1 version