H.R. 4947 · 114th Congress
Natural Disaster Reinsurance Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
JollySponsorNo cosponsors.
This bill directs the Department of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise it regarding estimated loss costs associated with contracts for reinsurance coverage.
What it does: CRS summary · Introduced in House · Apr 14, 2016
Natural Disaster Reinsurance Act of 2016
This bill directs the Department of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise it regarding estimated loss costs associated with contracts for reinsurance coverage.
Treasury may make homeowners protection coverage available through contracts for reinsurance coverage. Only eligible state programs may purchase such coverage.
Each contract for reinsurance coverage shall furnish insurance coverage against residential property losses to homes, including condominium and cooperative ownership, and the contents of apartment buildings.
The bill prescribes a minimum level of retained losses and maximum federal liability.
Any insurer who participates in an eligible state program may establish a Catastrophe Capital Reserve Fund to hold funds on Treasury's behalf to offset reinsurance claims.
The bill establishes the Consumer Hurricane, Earthquake, Loss Protection (HELP) Fund to: (1) make payments to covered purchasers under contracts for reinsurance coverage for eligible losses, and (2) pay for Commission operating costs and reinsurance program administrative expenses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Natural Disaster Reinsurance Act of 2016
Latest action (Apr 14, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 14, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.