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H.R.737 - Homeowners' Defense Act of 2013

To establish a national catastrophic risk consortium to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. view all titles (2)

All Bill Titles

  • Official: To establish a national catastrophic risk consortium to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. as introduced.
  • Short: Homeowners' Defense Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/14/13
 
 
 
 
 
 
 

Official Summary

Homeowners' Defense Act of 2013 - Establishes the National Catastrophe Risk Consortium, as a non-federal, non-profit entity, to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. Directs the Consortium to: (1) maintain an inventor

Official Summary

Homeowners' Defense Act of 2013 - Establishes the National Catastrophe Risk Consortium, as a non-federal, non-profit entity, to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. Directs the Consortium to:
(1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, state residual insurance market entities, and state-sponsored providers of natural catastrophe insurance;
(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) establish a database to perform research and analysis that encourages standardization of the risk-linked securities market. Shields the federal government and the Consortium from liability for Consortium actions.

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