3.0.0 886 2023-01-11T13:19:22Z 2023-01-11T13:19:22Z Senate S S 2009-04-23 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-04-23T20:25:42Z Catastrophe Obligation Guarantee Act of 2009 111 4014 HR 2009-11-04 Referred to the House Committee on Financial Services. Related bill CRS 2009-04-27 Sponsor introductory remarks on measure. (CR S4729-4730) IntroReferral B00100 9 Library of Congress 2009-04-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-04-23 Introduced in Senate IntroReferral 10000 9 Library of Congress N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM N M001162 Sen. Martinez, Mel [R-FL] Mel Martinez R FL 2009-04-28 False F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2009-09-15 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2009-10-21 False L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2010-02-24 False Emergency Management Disaster relief and insurance Government lending and loan guarantees Insurance industry and regulation Intergovernmental relations Life, casualty, property insurance Natural disasters Emergency Management 00 2009-04-23 Introduced in Senate 2009-09-02T21:56:16Z 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.

]]> Catastrophe Obligation Guarantee Act Display Title Catastrophe Obligation Guarantee Act Official Title as Introduced 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. Introduced in Senate IS Short Titles as Introduced Catastrophe Obligation Guarantee Act 2387 111 SAMDT To make technical corrections. 2022-02-03T06:04:23Z 2009-09-15 Referred to the Committee on Banking, Housing, and Urban Affairs. N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2009-09-15T04:00:00Z Senate 111 S Senate S 886 Catastrophe Obligation Guarantee Act 2023-01-11T13:19:22Z 3 2009-09-15 ssbk00 Banking, Housing, and Urban Affairs Committee 0 Senate Referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-09-15 Senate amendment submitted Floor 91000 9 Library of Congress Introduced in Senate 2009-04-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s886is/xml/BILLS-111s886is.xml 2009-04-27 Sponsor introductory remarks on measure. (CR S4729-4730) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.