S. 886 · 111th Congress
Catastrophe Obligation Guarantee Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NelsonSponsor4 cosponsors · 3 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Catastrophe Obligation Guarantee Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance (specifically, residential…
What it does: CRS summary · Introduced in Senate · Apr 23, 2009
Catastrophe Obligation Guarantee Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance (specifically, residential property insurance and reinsurance) programs; and (2) expedite the payment of claims under such programs and better assist financial recovery from significant natural catastrophes.
Limits the total principal amount of debt obligations guaranteed by the Secretary to: (1) $5 billion for eligible state programs that cover earthquake peril; and (2) $20 billion for eligible state programs that cover all other perils.
Makes appropriations to satisfy debt guarantee commitments.
Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees.
Requires an eligible state program to show to the Secretary's satisfaction that covered insured losses in the state are likely to exceed the program's available cash resources, as calculated on the date of the event.
Prescribes requirements for eligible state programs.
Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Catastrophe Obligation Guarantee Act
Latest action (Apr 27, 2009): Sponsor introductory remarks on measure. (CR S4729-4730)
Policy area: Emergency Management · Origin: Senate · Introduced: Apr 23, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.