H.R. 9916: Lowering Costs and Auto Rates for Insurance Act

This bill would require the Federal Insurance Office’s Director to send an annual report about the auto insurance industry to the President and to two congressional committees: the House Financial Services Committee and the Senate Banking Committee.

What the report would include

• Recommendations on ways to lower the cost of auto insurance.
• Any other information about the auto insurance industry that the Director thinks is relevant, or that either committee asks for.

When it would take effect

The reporting requirement would start 90 days after the bill becomes law.

Practical effect

In practical terms, the bill does not directly change auto insurance rates or regulate insurers by itself. Instead, it creates a regular federal reporting requirement aimed at collecting information and possibly identifying ways to reduce the cost of car insurance.

Relevant Companies

None found