S. 1061 would require insurance companies to fully disclose insurance coverage and noncoverage of homeowner's insurance policies, and it would provide for enforcement by the Federal Trade Commission.
Detailed Summary
Homeowners' Insurance Noncoverage Disclosure Act - Requires state-registered insurance companies to include on the front or first page of each individual homeowner's policy a noncoverage disclosure box that restates in plain English all conditions, exclusions, and other limitations pertaining to coverage under that policy.
Treats any failure to comply as a violation of unfair or deceptive acts or practices provisions of the Federal Trade Commission Act.
Status of the Legislation
Latest Major Action: 3/29/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Points in Favor
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Points Against
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