Insurance Disclosure Act

Insurance Disclosure Act - Directs the Secretary of Housing and Urban Development (the Secretary) to establish requirements for insurers to compile and submit information to the Secretary for each annual reporting period concerning the affordability and availability of insurance coverage for: (1) noncommercial insurance; (2) commercial insurance for residential properties and small businesses in urban areas; (3) bid, performance, and payment bonds for small businesses; and (4) insurance in designated rural areas.

Authorizes the Secretary to waive such disclosure requirements if the State within which the insurer transacts business has an equivalent disclosure mechanism in place.

Directs the Financial Institutions Examination Council to determine the extent to which private mortgage insurers make available to the public and to regulatory agencies the mortgage information required to be reported under the Home Mortgage Disclosure Act of 1975.

Provides for contracting out such data collection or submission of such data through statistical agents.

Directs the Secretary to set forth specified annual disclosure requirements for loans and investments made by designated insurers in a designated metropolitan statistical area.

Prescribes guidelines for: (1) the compilation and public accessibility of the disclosures mandated by this Act; and (2) written notification by an insurer to applicants and policyholders regarding the reasons that coverage was denied.

Sets forth civil penalties for insurers in violation of this Act.

Directs the Secretary to establish a task force to report to certain congressional committees on insurance agency appointments affecting inner city and minority agents.

Requires the Secretary to conduct studies and report to certain congressional committees on: (1) prescreening of insurance applicants; (2) insurer practices affecting the insurance needs of low- and moderate-income neighborhoods, minority neighborhoods, and small businesses located in such neighborhoods; (3) disparate treatment of policyholders by insurers based upon sex, race, or income level; (4) the disparate impact upon policyholders of basing insurance premiums upon the territory in which the insured risk is located; and (5) community reinvestment requirements for insurers that are comparable to those for depository institutions.