H.R. 4507 · 109th Congress
Natural Catastrophe Insurance Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MaloneySponsor3 cosponsors · 3 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Natural Catastrophe Insurance Act of 2005 - Directs the Secretary of the Treasury to carry out a program to make reinsurance coverage available for purchase only by eligible State programs.
What it does: CRS summary · Introduced in House · Dec 13, 2005
Natural Catastrophe Insurance Act of 2005 - Directs the Secretary of the Treasury to carry out a program to make reinsurance coverage available for purchase only by eligible State programs.
Requires a reinsurance contract to cover residential and business property losses insured or reinsured by the eligible State program and proximately caused by windstorm, earthquake, winter catastrophe, fire, tsunami, flood, volcanic eruption, or hail.
Establishes within the Treasury the Disaster Reinsurance Fund to pay for the administrative expenses of the reinsurance program.
Requires the Secretary to study and report to Congress annually on the cost and availability of insurance for losses resulting from catastrophic disasters covered by the reinsurance program under this Act.
Requires the Comptroller General to study and report to Congress on: (1) the need for a federal program to provide reinsurance for insured losses resulting from any catastrophe event that may threaten the solvency of any segment of the catastrophe insurance industry; and (2) the appropriateness of such a program to stabilize financial and insurance markets, and ensure the availability and affordability of insurance in the United States for losses from such events.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Natural Catastrophe Insurance Act of 2005
Latest action (Dec 13, 2005): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 13, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.