3.0.0 2582 2023-01-11T13:22:44Z 2023-01-11T13:22:44Z House H HR 2011-07-19 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. WILSON of Florida:H.R. 2582.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the United StatesConstitution.[Page H5239]]]> hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Referred to 2011-08-22T18:06:01Z Referred to 2011-07-19T14:00:29Z 2011-08-22 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Committee 2011-07-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-07-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-07-19 Introduced in House IntroReferral 1000 9 Library of Congress W000808 Rep. Wilson, Frederica S. [D-FL-17] Frederica Wilson D FL S. 17 N Finance and Financial Sector Congressional oversight Disaster relief and insurance Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Government trust funds Housing finance and home ownership Intergovernmental relations Land use and conservation Life, casualty, property insurance Natural disasters State and local finance State and local government operations User charges and fees Finance and Financial Sector 00 2011-07-19 Introduced in House 2011-09-27T20:48:04Z Homeowners' Defense Act of 2011 - 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, 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.

Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by certain eligible state programs

Provides separate limits on the total principal amount of such obligations for programs that cover earthquake peril and those that cover all other perils.

Subjects the catastrophic debt guarantee to specified requirements.

Directs the Secretary to make contracts for reinsurance coverage available for purchases only by eligible state programs. Sets pricing guidelines and limits aggregate potential federal liability.

Establishes a Federal Natural Catastrophe Reinsurance Fund.

Directs the Secretary of Housing and Urban Development (HUD) to establish a grants program for eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes.

Directs the Comptroller General to study: (1) risk-based insurance rate pricing; and (2) rates for state insurance, reinsurance, or residual market programs that fail to cover the expected value of all future associated costs.

]]> Homeowners' Defense Act of 2011 Display Title Homeowners' Defense Act of 2011 Official Title as Introduced To ensure the availability and affordability of homeowners' insurance coverage for catastrophic events. Introduced in House IH Short Titles as Introduced Homeowners' Defense Act of 2011 Introduced in House 2011-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2582ih/xml/BILLS-112hr2582ih.xml 2011-08-22 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. 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.