Restoring Competitive Property Insurance Availability Act

This bill gives a temporary tax break to property insurance companies that keep offering coverage in places hit by a federally declared disaster. For the first five taxable years after the disaster, these insurers would not have to count their net premium income from policies in that disaster area as taxable income. The goal is to help keep insurance available in hard‑hit communities.

Key points

• Who is affected: Non‑life insurance companies that were already selling property insurance in the area before the disaster.
• What changes: They can exclude their net premium income (premiums minus related expenses) from taxes for policies on property in the disaster area; this can also include personal property if it’s covered under the same policy and located on that property.
• Where: Areas with a federal disaster declaration; the “incident date” is the earliest date named in that declaration.
• When: The tax break lasts for the first five taxable years after the disaster’s incident date.