Section 1 Short title
This Act may be cited as the “Lowering Costs and Auto Rates for Insurance Act” or the “Lowering CAR Insurance Act”.
Lowering Costs and Auto Rates for Insurance Act
A BILL
To require the Director of the Federal Insurance Office to submit an annual report to the President and certain Congressional committees with respect to the automobile insurance industry, and for other purposes.
Sec. 2 Annual report with respect to the automobile insurance industry
In general— Section 313(n) of title 31, United States Code, is amended by adding at the end the following:
“(3) Automobile insurance—The Director shall submit a report on or before September 30 of each calender year to the President and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the automobile insurance industry that contains—
“(A) legislative recommendations with respect to lowering the cost of automobile insurance; and
“(B) any other information with respect to the automobile insurance industry as deemed relevant by the Director or requested by such Committees.”
Effective date— The amendment made by this section shall take effect on the date that is 90 days after the date of the enactment of this section.