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.

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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Sponsor

• Sen. Hillary Clinton [D, NY]
• and 3 Co-Sponsors
  • Sen. Mary Landrieu [D, LA]
  • Sen. Mel Martinez [R, FL]
  • Sen. Bill Nelson [D, FL]
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Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2310

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
November 06, 2007

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All Bill Actions

• Introduced on Nov 06, 2007.
• Nov 06, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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Related Bills:

• H.R.3355

Related Issue Areas:

• Finance
• Budgets
• Business
• Casualty insurance
• 18 more
• Disaster insurance
• Emergency management
• Government lending
• Government securities
• Governmental investigations
• Home ownership
• Housing
• Insurance companies
• Nonprofit organizations
• Politics and government
• Property insurance
• Public contracts
• Reinsurance
• Risk
• Securities
• Social services
• State and local government
• State politics and government

Data from the Congressional Research Service

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Blog Coverage

December 12, 2008 Financing Recovery from Large-Scale Natural Disasters « RFF ...

... and (5) risk securitization and federal reinsurance and loans — 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 ...

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Source: RFF Library Blog

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December 12, 2008 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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December 08, 2008 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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