S.505 - Homeowners' Defense Act of 2009

A bill to establish a National Catastrophe Risks Consortium and a National Homeowner's Insurance Stabilization Program, and for the other purposes. view all titles (2)

All Bill Titles

  • Short: Homeowners' Defense Act of 2009 as introduced.
  • Official: A bill to establish a National Catastrophe Risks Consortium and a National Homeowner's Insurance Stabilization Program, and for the other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/27/09
 
 
 
 
 
 
 

Official Summary

Homeowners' Defense Act of 2009 - 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 b

Official Summary

Homeowners' Defense Act of 2009 - 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;
(3) coordinate reinsurance contracts;
(4) act as a centralized repository of state risk information accessible by certain private-market participants; and
(5) use a database to perform research and analysis that encourages standardization of the risk-linked securities market. 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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