2014 -- H 7722 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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H O U S E   R E S O L U T I O N

CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY THE FEASIBILITY OF

CREATING A STATE REINSURANCE AGENCY TO PROVIDE HOMEOWNERS RELIEF

FROM THE CURRENT FEDERAL FLOOD INSURANCE PROGRAM

     Introduced By: Representatives Marshall, O'Brien, Winfield, Costantino, and Craven

     Date Introduced: February 27, 2014

     Referred To: House Corporations

     WHEREAS, Many Rhode Island property owners on the coast or in other flood-plain

areas are concerned about not being able to afford dramatically higher premiums on their

insurance rates; now, therefore be it

     RESOLVED, That a special legislative commission be and the same is hereby created

consisting of nine (9) members: three (3) of whom shall be members of the Rhode Island House

of Representatives, not more than two (2) from the same political party, to be appointed by the

Speaker of the House; one of whom shall be the Director of the Rhode Island Department of

Business Regulations, or designee; one of whom shall be the Director of the Rhode Island

Emergency Management Agency (RIEMA), or designee; one of whom shall be the President of

the Rhode Island Joint Reinsurance Association (RIJRA), or designee; one of whom shall be the

Administrator of the Federal Emergency Management Agency (FEMA), or designee; one of

whom shall be a member of the property and casualty insurance industry, to be appointed by the

Speaker of the House and one of whom shall be a member of a reinsurance industry trade

organization, to be appointed by the Speaker of the House.

     In lieu of any appointment of a member of the legislature to a permanent advisory

commission, a legislative study commission, or any commission created by a General Assembly

resolution, the appointing authority may appoint a member of the general public to serve in lieu

of a legislator, provided that the Majority Leader or the Minority Leader of the political party

which is entitled to the appointment, consents to the member of the general public.

      The purpose of said commission shall be to make a comprehensive study and analysis of

the effects natural disasters have on property insurance costs and the feasibility of creating a state

reinsurance agency with the goal of providing homeowners' relief/alternatives/stability from the

current federal-flood insurance program.

     Forthwith upon passage of this resolution, the members of the commission shall meet at

the call of the Speaker of the House and organize and shall select a chairperson.

     Vacancies in said commission shall be filled in like manner as the original appointment.

     The membership of said commission shall receive no compensation for their services.

     All departments and agencies of the state shall furnish such advice and information,

documentary and otherwise, to said commission and its agents as is deemed necessary or

desirable by the commission to facilitate the purposes of this resolution.

     The Speaker of the House is hereby authorized and directed to provide suitable quarters

for said commission; and be it further

     RESOLVED, That the commission shall report its findings and recommendations to the

House of Representatives no later than January 6, 2015, and said commission shall expire on

March 6, 2015.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

H O U S E   R E S O L U T I O N

CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY THE FEASIBILITY OF

CREATING A STATE REINSURANCE AGENCY TO PROVIDE HOMEOWNERS RELIEF

FROM THE CURRENT FEDERAL FLOOD INSURANCE PROGRAM

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     This resolution would create a nine (9) member special legislative study commission

whose purpose it would be to study the effects natural disasters have on property insurance costs

and the feasibility of creating a state reinsurance agency, and who would report back to the House

no later than January 6, 2015, and whose life would expire on March 6, 2015.

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