S.886 - Catastrophe Obligation Guarantee Act

A bill to establish a program to provide guarantees for debt issued by State catastrophe insurance programs to assist in the financial recovery from natural catastrophes. view all titles (2)

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  • Official: A bill to establish a program to provide guarantees for debt issued by State catastrophe insurance programs to assist in the financial recovery from natural catastrophes. as introduced.
  • Short: Catastrophe Obligation Guarantee Act as introduced.

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Introduced
 
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President
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04/22/09
 
 
 
 
 
 
 

Official Bill Text Comment on about 20 Pages

Official Summary

4/23/2009--Introduced.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 provi
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Official Summary

4/23/2009--Introduced.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.

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Recent Blog Coverage

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05/03/11
S.886: Interstate Horseracing Improvement Act of ... - OpenCongress

S.886 - Interstate Horseracing Improvement Act of 2011. A bill to amend the Interstate Horseracing Act of 1978 to prohibit the use of performance-enhancing drugs in horseracing, and for other purposes. view all titles (2 ...

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11/17/10
H.Res.1733: Recognizing Mark Twain as one of ... - OpenCongress

S.886: Interstate Horseracing Improvement Act of ... - OpenCongress. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post r

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11/14/10
InsureReinsure

A study released November 3, 2010 by the RAND Institute for Civil Justice and Risk Management Solutions (the "Study") found that the Catastrophe Obligation Guarantee Act (S.886/ H.R.4014) (the "Proposed Legislation") would only modestly

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