U.S. Congress - S.2310 Homeowners' Defense Act of 2007
S.2310 - Homeowners' Defense Act of 2007
A bill to establish a National Catastrophic Risks Consortium and a National Homeowners' Insurance Stabilization Program, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to establish a National Catastrophic Risks Consortium and a National Homeowners' Insurance Stabilization Program, and for other purposes. as introduced.
- Short: Homeowners' Defense Act of 2007 as introduced.
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Official Summary
11/6/2007--Introduced.Homeowners' Defense Act of 2007 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, and state residual insurance market entities; (Official Summary
11/6/2007--Introduced.Homeowners' Defense Act of 2007 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to:
(1) maintain an inventory of 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; and
(3) act as a centralized repository of state risk information accessible by certain private-market participants. Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization 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) provide incentive for 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. Authorizes the Secretary to establish and collect, from qualified and precertified reinsurance programs, a reasonable fee to offset expenses of the program. Instructs the Secretary to require full repayment of all loans made under this Act.
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Recent Blog Coverage
Financing Recovery from Large-Scale Natural Disasters: Open CRS ...
... 926/S.2327/S. 927; (3) flood insurance reform -- H.R. 920/H.R. 3121/S. 2284; (4) risk retention group reform -- H.R. 5792; and (5) risk securitization and federal reinsurance and loans -- H.R. 91/H.R. 330/H.R. 3355/S. 928/S. 2310. ...
Financing Recovery from Large-Scale Natural Disasters « RFF ...
... and (5) risk securitization and federal reinsurance and loans â H.R. 91/H.R. 330/H.R. 3355/S. 928/S. 2310. Congress could also be called upon to decide whether transparency mechanisms are appropriate for resolving the broader issues ...
Financing Recovery from Large-Scale Natural Disasters: Open CRS ...
... 926/S.2327/S. 927; (3) flood insurance reform -- H.R. 920/H.R. 3121/S. 2284; (4) risk retention group reform -- H.R. 5792; and (5) risk securitization and federal reinsurance and loans -- H.R. 91/H.R. 330/H.R. 3355/S. 928/S. 2310. ...
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