HR3014-118

Introduced

To amend the Internal Revenue Code of 1986 to establish a system for the taxation of catastrophic risk transfer companies to ensure sufficient capital to cover catastrophic insurance losses, and for other purposes.

118th Congress Introduced Apr 28, 2023

Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.

Summary

What This Bill Does

The bill requires taxation of catastrophic risk transfer companies Subchapter M of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VCatastrophic risk transfer companies Sec, requires catastrophic risk transfer companies, and requires taxation of catastrophic risk transfer companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a catastrophic risk transfer company for a taxable year. It relies on compliance mandates, definition changes, tax deductions, and tax rate changes. The main policy areas are Environmental Groups, Finance, Environment, and Foreign Policy.

Who Benefits and How

Financial services firms and customers affected by the bill could face lower compliance burdens, Public beneficiaries or protected communities affected by the clause could face reduced risk, and Regulated entities and members of the public affected by the bill could face lower compliance burdens.

Who Bears the Burden and How

Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Regulated entities and members of the public affected by the bill would take on compliance duties, and Public beneficiaries or protected communities affected by the clause could face increased risk.

Key Provisions

  • Requires taxation of catastrophic risk transfer companies Subchapter M of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VCatastrophic risk transfer companies Sec.
  • Requires catastrophic risk transfer companies.
  • Requires taxation of catastrophic risk transfer companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a catastrophic risk transfer company for a taxable year...
  • Requires taxation of security holders of catastrophic risk transfer company.
  • Requires dividends paid by catastrophic risk transfer company after close of taxable year.

Evidence Chain:

This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.

At a Glance

What This Bill Does

The bill requires taxation of catastrophic risk transfer companies Subchapter M of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VCatastrophic risk transfer companies Sec, requires catastrophic risk transfer companies, and requires taxation of catastrophic risk transfer companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a catastrophic risk transfer company for a taxable year.

Key Policy Areas

Environmental Groups, Finance, Environment, Foreign Policy

Primary Purpose

The bill requires taxation of catastrophic risk transfer companies Subchapter M of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: VCatastrophic risk transfer companies Sec, requires catastrophic risk transfer companies, and requires taxation of catastrophic risk transfer companies The provisions of this part (other than subsection (c) of this section) shall not be applicable to a catastrophic risk transfer company for a taxable year.

Policy Domains

Environmental Groups Finance Environment Foreign Policy

Whole bill

Identified Gains
  • Financial services firms and customers affected by the bill
  • Public beneficiaries or protected communities affected by the clause
  • Regulated entities and members of the public affected by the bill
  • Foreign businesses and cross-border trade participants affected by the bill
  • Environmental and public health interests affected by the bill
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
Financial services firms and customers affected by the bill: ,
Environmental and public health interests affected by the bill:
Regulated entities and members of the public affected by the bill:
Public beneficiaries or protected communities affected by the clause: ,
Foreign businesses and cross-border trade participants affected by the bill:
Identified Costs
  • Federal, state, or local agencies responsible for implementing the clause
  • Regulated entities and members of the public affected by the bill
  • Public beneficiaries or protected communities affected by the clause
  • Lobbyists, political organizations, and disclosure users affected by the bill
  • Financial services firms and customers affected by the bill
Model: codex-gpt-5:bulk-repair | Version: bill_summary_v2 | Source: ih
Financial services firms and customers affected by the bill:
Regulated entities and members of the public affected by the bill: ,
Public beneficiaries or protected communities affected by the clause: ,
Federal, state, or local agencies responsible for implementing the clause: , , , , ,
Lobbyists, political organizations, and disclosure users affected by the bill:

Legislative Progress

Introduced
Introduced Committee Passed
Apr 28, 2023

Mr. LaHood (for himself and Mr. Himes) introduced the following …

Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
Environmental Groups Finance Environment Foreign Policy

We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.

Learn more about our methodology