S.3117 - Homeowners Protection Act of 2006

A bill to establish a program to provide more protection at lower cost through a national backstop for State natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, to better assist in the financial recovery from such catastrophes, and to develop a rigorous process of continuous improvement. view all titles (2)

All Bill Titles

  • Short: Homeowners Protection Act of 2006 as introduced.
  • Official: A bill to establish a program to provide more protection at lower cost through a national backstop for State natural catastrophe insurance programs to help the United States better prepare for and protect its citizens against the ravages of natural catastrophes, to encourage and promote mitigation and prevention for, and recovery and rebuilding from such catastrophes, to better assist in the financial recovery from such catastrophes, and to develop a rigorous process of continuous improvement. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
05/25/06
 
 
 
 
 
 
 

Official Summary

Homeowners Protection Act of 2006 - Directs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding: (1) estimated loss costs associated with the contracts for reinsurance coverage; and (2) development of

Official Summary

Homeowners Protection Act of 2006 - Directs the Secretary of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise the Secretary regarding:
(1) estimated loss costs associated with the contracts for reinsurance coverage; and
(2) development of prevention, mitigation, recovery, and rebuilding standards that better prepare and protect the United States from catastrophes. Instructs the Secretary to implement a program designed to make homeowners protection coverage available through contracts for reinsurance. Prescribes guidelines governing:
(1) qualified lines of coverage;
(2) covered perils;
(3) contracts for reinsurance coverage for eligible state programs; and
(4) minimum level of retained losses and maximum federal liability. Establishes the Consumer HELP Fund for:
(1) payments to covered purchasers under contracts for reinsurance coverage; and
(2) operating and administrative costs.

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