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Bill

S 186

No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2025

119th Congress Introduced by Jim Banks and 49 co-sponsors

The Climate Protection Insurance Act creates specialized insurance for climate-related risks, helping individuals and businesses manage financial impacts from disasters.

Introduced in Senate
1
WeVote Research Nonpartisan
Bill Summary · S 186

Summary of Bill S 186: Climate Protection Insurance Act

Bill Number: S 186
Title: Establishes the Climate Protection Insurance Act
Status: PRINT NUMBER 186A
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

The Climate Protection Insurance Act (S 186) aims to establish a framework for climate-related insurance products that will help mitigate the financial impacts of climate change on individuals, businesses, and communities. The bill seeks to promote resilience against climate-related disasters by providing insurance options that are specifically designed to cover risks associated with climate change, such as extreme weather events, flooding, and other environmental hazards.

Key Provisions

  • Insurance Coverage: The bill proposes the creation of specialized insurance policies that cover damages and losses resulting from climate-related events. This includes provisions for:

    • Flood insurance
    • Wildfire insurance
    • Coverage for property damage due to severe weather

  • Regulatory Framework: The bill establishes guidelines for the insurance industry to develop and offer climate protection insurance products. This includes:

    • Requirements for insurers to assess climate risks
    • Standards for policy transparency and consumer information

  • Incentives for Adoption: The legislation may include incentives for both insurers and policyholders to encourage the uptake of climate protection insurance. This could involve:

    • Tax credits for insurers who offer these products
    • Subsidies for low-income households to access affordable coverage

  • Collaboration with State Agencies: The bill emphasizes collaboration between insurance providers and state agencies to ensure that policies are aligned with local climate resilience strategies.

Affected Parties

  • Individuals and Households: Homeowners and renters in areas vulnerable to climate-related risks will benefit from enhanced insurance options.
  • Businesses: Companies, particularly those in high-risk sectors, will have access to tailored insurance products that protect against climate-related disruptions.
  • Insurance Industry: Insurers will be required to adapt their offerings and may benefit from new market opportunities created by the demand for climate protection insurance.

Procedural Timeline

  • January 08, 2025: Bill introduced and referred to the Insurance Committee.
  • March 11, 2025: The bill was amended and recommitted to the Insurance Committee, followed by the printing of version 186A.

Related Legislation

  • S 9435: A related bill from the prior session that may address similar issues or provide context for the current legislation.
  • A 3842: A companion bill in the Assembly that aligns with the objectives of S 186, potentially facilitating a coordinated legislative approach to climate protection insurance.

This summary provides an overview of the Climate Protection Insurance Act, highlighting its purpose, key provisions, and the parties it will affect. The bill represents a proactive step towards addressing the financial implications of climate change through innovative insurance solutions.

Compiled from official sources — confirm details with the bill’s official record.

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