H.R.1704 - Auto Choice Reform Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Armey, Richard K. [R-TX-26] (Introduced 05/03/2001)|
|Committees:||House - Financial Services|
|Latest Action:||05/14/2001 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1704 — 107th Congress (2001-2002)All Bill Information (Except Text)
Auto Choice Reform Act of 2001 - Authorizes motor vehicle insurers to offer a choice between the personal injury protection and tort maintenance systems prescribed by this Act.
Introduced in House (05/03/2001)
Deems persons who fail to select a type of insurance to have elected insurance under the tort maintenance system.
Authorizes the appropriate State official to establish a consumer notification program regarding: (1) the comparative cost of insurance under the personal injury protection and tort maintenance systems; and (2) the benefits, rights, and obligations of the insurers and insureds under such systems. Requires insurers to provide such information to a consumer before the consumer chooses insurance.
Prescribes minimum requirements for the personal injury protection system and the tort maintenance system.
Exempts a State from application of this Act if the State: (1) declares by statute by a specified date that this Act shall not apply; or (2) finds that average premiums will not be reduced by an average of at least 30 percent for persons choosing the personal injury protection system.