A bill to prevent windfall profits by automobile insurance companies during any period when the casualty rates of such companies are reduced as a result of official action in connection with the energy crisis.

Authorizes the President to issue regulations to reduce or stabilize insurance premiums in the automobile insurance industry to prevent windfall profits by persons engaged in the business of issuing such insurance as a result of reduced casualty rates attributable to Federal, State, or local official action under the Economic Stabilization Act or under any other provision authorizing the rationing, allocation, or conservation of petroleum products.

Provides that nothing in this Act shall be construed to authorize the President to prescribe an insurance rate which is in excess of that rate prescribed under applicable State law.