Restoring Competitive Property Insurance Availability Act

HR 1070, the "Restoring Competitive Property Insurance Availability Act," creates a tax exclusion for property insurance companies operating in federally declared disaster areas. It excludes "qualified real property insurance income" (premiums minus allocable deductions) from taxable income for the first five years after a disaster (the "recovery period"). This applies specifically to non-life insurance companies that provided property insurance in the affected area before the disaster. The provision takes effect for disasters with incident dates after December 31, 2024, and covers both real property and personal property insured under the same policy.