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FEDERALhearing transcript

Hearing on Insurance Availability for Nonprofits

Original title: EXAMINING THE AVAILABILITY OF INSURANCE FOR NONPROFITS

January 1, 2021

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The Frame

What this does

The proposed Nonprofit Property Protection Act (H.R. 4523) would expand the types of insurance coverage that risk retention groups can offer to small and midsized nonprofits, potentially increasing their access to property insurance.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Small and midsized 501(c)(3) nonprofits

The bill would expand the types of insurance coverage available to these organizations through risk retention groups.

Risk Retention Groups (RRGs)

The bill would authorize these groups to expand their service offerings to include property insurance for nonprofit members.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Housing, Community Development, and Insurance held a hearing to discuss the challenges small and midsized nonprofits face in obtaining affordable property insurance. The discussion centered on H.R. 4523, a bill that would allow risk retention groups to provide property insurance to these organizations.

Key Facts

  • The hearing was held on January 29, 2020, by the Subcommittee on Housing, Community Development, and Insurance.
  • The primary subject was H.R. 4523, the Nonprofit Property Protection Act.
  • The bill proposes allowing risk retention groups (RRGs) to provide property insurance to small and midsized 501(c)(3) nonprofits.
  • Currently, RRGs are primarily authorized to provide liability insurance to their members.
  • The hearing addressed the limited availability of property insurance options for small nonprofits.

Frequently Asked Questions

What is a risk retention group (RRG)?
An RRG is a group-owned insurance company that is formed to assume and spread the liability risks of its members.
What would H.R. 4523 change for nonprofits?
It would allow RRGs to offer property insurance to their small and midsized nonprofit members, in addition to the liability insurance they currently provide.

Why It Matters

The proposed Nonprofit Property Protection Act (H.R. 4523) would expand the types of insurance coverage that risk retention groups can offer to small and midsized nonprofits, potentially increasing their access to property insurance.

News Coverage

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Sponsors

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Expansion of RRG Authority

The hearing highlights a legislative effort to broaden the scope of insurance products that risk retention groups are permitted to offer.

Connected Entities

personJ. Robert HunterWitness, Consumer Federation of AmericaMap →
personIvoree RobinsonWitness, ABD Insurance & Financial Services, Inc.Map →
personChlora Lindley-MyersWitness, Missouri Department of Commerce and InsuranceMap →
personWm. Lacy ClayChairman of the Subcommittee on Housing, Community Development, and InsuranceMap →
personJon BergnerWitness, National Association of Mutual Insurance CompaniesMap →
personPamela E. DavisWitness, Alliance of Nonprofits for Insurance Risk Reduction GroupMap →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance40
    How much this matters to a regular citizen
  • Controversy10
    Intensity of disagreement among stakeholders
  • Entertainment5
    Compellingness for a non-policy-wonk reader
  • Buzz10
    Current news / social attention level

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