U.S. Congress - H.R.3355 Homeowners' Defense Act of 2007
H.R.3355 - Homeowners' Defense Act of 2007
To ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. view all titles (4)
All Bill Titles
- Short: Homeowners' Defense Act of 2007 as introduced.
- Short: Homeowners' Defense Act of 2007 as reported to house.
- Short: Homeowners' Defense Act of 2007 as passed house.
- Official: To ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. as introduced.
Bill's Views
- Today: 20
- Past Seven Days: 70
- All-Time: 4,688
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Latest Vote
Result: Passed - November 08, 2007
Rep. Gary Ackerman [D, NY-5]
Thomas Allen
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. John Conyers [D, MI-14]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Robert Cramer
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Artur Davis
Rep. Susan Davis [D, CA-53]
Rep. Danny Davis [D, IL-7]
Lincoln Davis
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Thomas Edwards
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rahm Emanuel
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Rep. Barney Frank [D, MA-4]
Sen. Kirsten Gillibrand [D, NY]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutiérrez [D, IL-4]
John Hall
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Darlene Hooley
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
William Jefferson
Rep. Henry Johnson [D, GA-4]
Rep. Eddie Johnson [D, TX-30]
Stephanie Jones
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Rep. Ronald Kind [D, WI-3]
Ron Klein
Rep. Dennis Kucinich [D, OH-10]
Nicholas Lampson
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Zoe Lofgren [D, CA-16]
Rep. Nita Lowey [D, NY-18]
Rep. Stephen Lynch [D, MA-9]
Tim Mahoney
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
James Marshall
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Michael McNulty
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. Bradley Miller [D, NC-13]
Rep. George Miller [D, CA-7]
Harry Mitchell
Alan Mollohan
Rep. Gwen Moore [D, WI-4]
Dennis Moore
Rep. James Moran [D, VA-8]
Patrick Murphy
Rep. Christopher Murphy [D, CT-5]
John Murtha
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Hilda Solis
Zachary Space
John Spratt
Rep. Fortney Stark [D, CA-13]
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Ellen Tauscher
Gene Taylor
Rep. Bennie Thompson [D, MS-2]
Rep. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Sen. Tom Udall [D, NM]
Sen. Mark Udall [D, CO]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Robert Wexler
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Rep. John Yarmuth [D, KY-3]
Rep. Mary Bono Mack [R, CA-45]
Rep. Charles Boustany [R, LA-7]
Henry Brown
Virginia Brown-Waite
Rep. Vern Buchanan [R, FL-13]
Rep. Dan Burton [R, IN-5]
Rep. John Campbell [R, CA-48]
Rep. Ander Crenshaw [R, FL-4]
Lincoln Diaz-Balart
Rep. Mario Diaz-Balart [R, FL-21]
Thelma Drake
Tom Feeney
Michael Ferguson
Rep. Randy Forbes [R, VA-4]
Wayne Gilchrest
David Hobson
Rep. Timothy Johnson [R, IL-15]
Rep. Walter Jones [R, NC-3]
Ric Keller
Rep. Peter King [R, NY-3]
Sen. Mark Kirk [R, IL]
Ron Lewis
Rep. Frank LoBiondo [R, NJ-2]
Rep. Connie Mack [R, FL-14]
Rep. John Mica [R, FL-7]
Rep. Jeff Miller [R, FL-1]
Charles Pickering
Rep. Ted Poe [R, TX-2]
Adam Putnam
Rep. Ileana Ros-Lehtinen [R, FL-18]
James Saxton
Rep. Christopher Smith [R, NJ-4]
Rep. Clifford Stearns [R, FL-6]
Rep. John Sullivan [R, OK-1]
David Weldon
Gerald Weller
Sen. Roger Wicker [R, MS]
Rep. Bill Young [R, FL-10]
Rep. Dan Boren [D, OK-2]
Julia Carson
Rep. Gabrielle Giffords [D, AZ-8]
Tom Lantos
Rep. Sander Levin [D, MI-12]
James Oberstar
Rep. Ed Perlmutter [D, CO-7]
Rep. Melvin Watt [D, NC-12]
Albert Wynn
Stephen Buyer
Barbara Cubin
Dennis Hastert
Duncan Hunter
Bobby Jindal
Ray LaHood
Rep. Daniel Lungren [R, CA-3]
James McCrery
Roll call number 1074 in the House
Question: On Passage: H R 3355 Homeowners’ Defense Act of 2007
Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes:
59%
Democrats Voting 'Aye'
Neil AbercrombieRep. Gary Ackerman [D, NY-5]
Thomas Allen
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. Steve Cohen [D, TN-9]
Rep. John Conyers [D, MI-14]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Robert Cramer
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Artur Davis
Rep. Susan Davis [D, CA-53]
Rep. Danny Davis [D, IL-7]
Lincoln Davis
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Thomas Edwards
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rahm Emanuel
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Rep. Barney Frank [D, MA-4]
Sen. Kirsten Gillibrand [D, NY]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
Rep. Luis Gutiérrez [D, IL-4]
John Hall
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Darlene Hooley
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
William Jefferson
Rep. Henry Johnson [D, GA-4]
Rep. Eddie Johnson [D, TX-30]
Stephanie Jones
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Rep. Ronald Kind [D, WI-3]
Ron Klein
Rep. Dennis Kucinich [D, OH-10]
Nicholas Lampson
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. David Loebsack [D, IA-2]
Rep. Zoe Lofgren [D, CA-16]
Rep. Nita Lowey [D, NY-18]
Rep. Stephen Lynch [D, MA-9]
Tim Mahoney
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
James Marshall
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Michael McNulty
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. Bradley Miller [D, NC-13]
Rep. George Miller [D, CA-7]
Harry Mitchell
Alan Mollohan
Rep. Gwen Moore [D, WI-4]
Dennis Moore
Rep. James Moran [D, VA-8]
Patrick Murphy
Rep. Christopher Murphy [D, CT-5]
John Murtha
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Rep. Laura Richardson [D, CA-37]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Bobby Rush [D, IL-1]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Hilda Solis
Zachary Space
John Spratt
Rep. Fortney Stark [D, CA-13]
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Ellen Tauscher
Gene Taylor
Rep. Bennie Thompson [D, MS-2]
Rep. Michael Thompson [D, CA-1]
Rep. John Tierney [D, MA-6]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Sen. Tom Udall [D, NM]
Sen. Mark Udall [D, CO]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Robert Wexler
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Rep. John Yarmuth [D, KY-3]
Republicans Voting 'Aye'
Rep. Gus Bilirakis [R, FL-9]Rep. Mary Bono Mack [R, CA-45]
Rep. Charles Boustany [R, LA-7]
Henry Brown
Virginia Brown-Waite
Rep. Vern Buchanan [R, FL-13]
Rep. Dan Burton [R, IN-5]
Rep. John Campbell [R, CA-48]
Rep. Ander Crenshaw [R, FL-4]
Lincoln Diaz-Balart
Rep. Mario Diaz-Balart [R, FL-21]
Thelma Drake
Tom Feeney
Michael Ferguson
Rep. Randy Forbes [R, VA-4]
Wayne Gilchrest
David Hobson
Rep. Timothy Johnson [R, IL-15]
Rep. Walter Jones [R, NC-3]
Ric Keller
Rep. Peter King [R, NY-3]
Sen. Mark Kirk [R, IL]
Ron Lewis
Rep. Frank LoBiondo [R, NJ-2]
Rep. Connie Mack [R, FL-14]
Rep. John Mica [R, FL-7]
Rep. Jeff Miller [R, FL-1]
Charles Pickering
Rep. Ted Poe [R, TX-2]
Adam Putnam
Rep. Ileana Ros-Lehtinen [R, FL-18]
James Saxton
Rep. Christopher Smith [R, NJ-4]
Rep. Clifford Stearns [R, FL-6]
Rep. John Sullivan [R, OK-1]
David Weldon
Gerald Weller
Sen. Roger Wicker [R, MS]
Rep. Bill Young [R, FL-10]
Others Voting 'Aye'
Democrats Voting 'Abstain'
Melissa BeanRep. Dan Boren [D, OK-2]
Julia Carson
Rep. Gabrielle Giffords [D, AZ-8]
Tom Lantos
Rep. Sander Levin [D, MI-12]
James Oberstar
Rep. Ed Perlmutter [D, CO-7]
Rep. Melvin Watt [D, NC-12]
Albert Wynn
Republicans Voting 'Abstain'
Rep. Rob Bishop [R, UT-1]Stephen Buyer
Barbara Cubin
Dennis Hastert
Duncan Hunter
Bobby Jindal
Ray LaHood
Rep. Daniel Lungren [R, CA-3]
James McCrery
Others Voting 'Abstain'
Official Summary
11/8/2007--Passed House amended. Homeowners' Defense Act of 2007 - Declares that the purpose of this Act is to provide federal support for state-sponsored insurance programs to: (1) help homeowners prepare for and recover from damages caused by natural catastrophes; and (2) promote thOfficial Summary
11/8/2007--Passed House amended. Homeowners' Defense Act of 2007 - Declares that the purpose of this Act is to provide federal support for state-sponsored insurance programs to:(1) help homeowners prepare for and recover from damages caused by natural catastrophes; and
(2) promote the use of private market capital as a means to insure against such catastrophes.
Title I: National Catastrophe Risk Consortium -
(Sec. 101)
Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to:(1) inventory catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities;
(2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members;
(3) act as a centralized repository of state risk information accessible by private-market participants seeking to participate in either such financial instruments or certain reinsurance contracts; and
(4) perform research and analysis that encourages standardization of the risk-linked securities market.
Makes eligible to join the Consortium any:
(1) state that has established a reinsurance fund or has authorized operation of a state residual insurance market entity; or
(2) state-sponsored provider of natural catastrophe insurance.
(Sec. 107)
Shields the federal government and the Consortium from liability arising from Consortium actions. Requires participating states to retain all catastrophe risk until completion of specified transactions.(Sec. 108)
Authorizes appropriations for FY2008-FY2013.Title II: National Homeowners' Insurance Stabilization Program -
(Sec. 201)
Instructs the Secretary of the Treasury to implement a program to make liquidity loans and catastrophic loans to qualified reinsurance programs to:(1) ensure their solvency;
(2) improve the availability and affordability of homeowners' insurance;
(3) encourage risk transfer to the private capital and reinsurance markets; and
(4) spread the risk of catastrophic financial loss resulting from natural disasters and catastrophic events.
(Sec. 202)
Prescribes terms and conditions for liquidity loans and catastrophic loans for qualified reinsurance programs. Authorizes the Secretary to enter into loan contracts.Requires as one prerequisite for such a loan to a qualified reinsurance program that before the loan is made the state or regional reinsurance program enter into an agreement with the Secretary that the state will not use federal funds of any kind or from any federal source (including any disaster or other financial assistance, loan proceeds, and any other assistance or subsidy) to repay the loan.
Cites circumstances under which the Secretary is required to make loans upon request of a qualified reinsurance program.
Limits the use of such loans solely to providing reinsurance or retrocessional coverage to underlying primary insurers or reinsurers for losses arising from specified personal residential lines of insurance.
(Sec. 204)
Authorizes the Secretary to establish a fee collection program to implement this Act.Instructs the Secretary to require full repayment of all loans made under this Act.
Title III: Reinsurance Coverage for Qualified Reinsurance Programs -
(Sec. 301)
Authorizes the Secretary to make contracts for reinsurance coverage under this title available for purchase only by qualified reinsurance programs.(Sec. 302)
Declares that contracts for reinsurance coverage made available under this title:(1) shall not displace or compete with the private insurance or reinsurance markets or the capital market;
(2) shall minimize the administrative costs of the federal government; and
(3) shall provide coverage based solely on insured losses covered by the qualified reinsurance program purchasing the contract.
(Sec. 303)
Specifies terms and conditions of qualified reinsurance programs, including:(1) a minimum attachment point; and
(2) 90% coverage of insured losses in excess of retained losses.
(Sec. 304)
Sets the maximum aggregate potential federal liability for payment of claims under all reinsurance contracts sold in any single year at $200 billion, or such lesser amount as the Secretary determines based on review of the reinsurance market.Limits the authority of the Secretary to enter into reinsurance contracts for any fiscal year to the extent or in such amounts as are or have been provided in appropriation Acts for that fiscal year.
(Sec. 305)
Establishes in the Treasury the Federal Natural Catastrophe Reinsurance Fund, to be credited with amounts received annually from the sale of reinsurance contracts, appropriations, and any amounts earned on investments.Authorizes the Secretary to invest in U.S. bonds any amounts in the Fund in excess of current needs.
Title IV: General Provisions -
(Sec. 401)
Prescribes criteria for a qualified reinsurance program under this Act.Directs the Secretary to establish procedures for state and regional reinsurance programs and certain state residual insurance market entities to apply for certification (and recertification) as qualified reinsurance programs.
Requires each qualified reinsurance program (except any existing state residual insurance market entity, or state-sponsored provider of natural catastrophe insurance, deemed to be a qualified reinsurance program during an initial five-year transition period) to:
(1) maintain risk-based capital in accordance with requirements established by the Secretary, in consultation with the National Association of Insurance Commissioners (NAIC) and consistent with the NAIC Risk-Based Capital Model Act; and
(2) take into consideration asset risk, credit risk, underwriting risk, and other relevant risks.
Directs the Secretary to recognize and give credit for the ability of any qualified reinsurance program to access capital through the liquidity loan program (established under title II of this Act) to the extent that such program is deficient in complying with any aspect of risk-based capital requirements.
Requires the Secretary to increase the credit recognized and given for a qualified reinsurance program by an amount equal to the losses paid by the program as a result of a catastrophe.
(Sec. 402)
Directs the Secretary to study, on an expedited basis, the need for and impact of expanding the programs established by this Act to apply to insured losses of qualified reinsurance programs for losses arising from all commercial insurance policies covering properties composed predominantly of residential rental units (commercial residential lines of insurance).Requires the Secretary, to the extent a need to expand is determined, and that such expansion will be effective in increasing insurance capacity for the commercial residential insurance market, to:
(1) apply the provisions of this Act, as appropriate, to any such insured losses of a qualified reinsurance program; and
(2) provide restrictions, limitations, or conditions with respect to the programs under this Act that the Secretary deems appropriate, based on the study.
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11/12/07
BAD POLICY AND A DANGEROUS PRECEDENT
The Homeowners Defense Act (HR 3355) is a dangerous step toward a federal government subsidy of property insurance coverage for natural disasters. ...
Source:
National Center for Policy Analysis, TX
11/11/07
Reinsurers Blast Federal Disaster Backup Plan Advancing in Congress
HR 3355, "The Homeowners Defense Act of 2007," passed the House on November 8; "The Homeowners Defense Act of 2007," was introduced in the Senate on ...
Source:
Insurance Journal, CA
11/11/07
Senate Bills Add Momentum to Natural Catastrophe Debate
take different approaches to the issue and, combined with the recent legislation passed by the House of Representatives (HR 3355), set the stage for ...
Source:
Insurance News Net (press release), PA
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12/26/08
Red Pill Republican: House Democrats introduced Martial Law
08.21.2994 - Waiving Points of Order against the conference report on H.R. 3355 (Roll 414) 08.18.1994 - Waiving Points of Order against the conference report on H.R. 4603 08.11.1994 - Waiving Points of order against the conference ...
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Red Pill Republican
12/24/08
Rep. Melancon Tackles Homeowners Insurance Affordability
Rep. Melancon Tackles Homeowners Insurance Affordability Rep. Melancon speaks in support of the Homeowners Defense Act (HR 3355), legislation he co-sponsored to tackle the rising... Top Articles Guide submitted by needcashloan2008.
12/24/08
Rep. Melancon Tackles Homeowners Insurance Affordability | Top ...
Rep. Melancon speaks in support of the Homeowners Defense Act (HR 3355), legislation he co-sponsored to tackle the rising cost of homeowners insurance in.
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