3.0.0 4947 2023-01-11T13:31:38Z 2023-01-11T13:31:38Z House HR 2016-04-14 114 [Congressional Record Volume 162, Number 57 (Thursday, April 14, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. JOLLY:H.R. 4947.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the Constitution[Page H1737]]]> hsba00 Financial Services Committee House Standing Referred to 2016-04-14T14:03:15Z 2016-04-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-04-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-04-14 Introduced in House IntroReferral 1000 9 Library of Congress J000296 Rep. Jolly, David W. [R-FL-13] David Jolly R FL W. 13 N Finance and Financial Sector Administrative law and regulatory procedures Advisory bodies Congressional oversight Department of the Treasury Disaster relief and insurance Floods and storm protection Government liability Government studies and investigations Government trust funds Housing finance and home ownership Housing industry and standards Insurance industry and regulation Natural disasters Public contracts and procurement Finance and Financial Sector 00 2016-04-14 Introduced in House 2016-06-14T21:34:06Z Natural Disaster Reinsurance Act of 2016

This bill directs the Department of the Treasury to establish the National Commission on Catastrophe Preparation and Protection to advise it regarding estimated loss costs associated with contracts for reinsurance coverage.

Treasury may make homeowners protection coverage available through contracts for reinsurance coverage. Only eligible state programs may purchase such coverage.

Each contract for reinsurance coverage shall furnish insurance coverage against residential property losses to homes, including condominium and cooperative ownership, and the contents of apartment buildings.

The bill prescribes a minimum level of retained losses and maximum federal liability.

Any insurer who participates in an eligible state program may establish a Catastrophe Capital Reserve Fund to hold funds on Treasury's behalf to offset reinsurance claims.

The bill establishes the Consumer Hurricane, Earthquake, Loss Protection (HELP) Fund to: (1) make payments to covered purchasers under contracts for reinsurance coverage for eligible losses, and (2) pay for Commission operating costs and reinsurance program administrative expenses.

]]> Natural Disaster Reinsurance Act of 2016 Display Title Natural Disaster Reinsurance Act of 2016 Official Title as Introduced To establish a program to provide reinsurance 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, and to better assist in the financial recovery from such catastrophes. Introduced in House IH Short Titles as Introduced Natural Disaster Reinsurance Act of 2016 Introduced in House 2016-04-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4947ih/xml/BILLS-114hr4947ih.xml 2016-04-14 Referred to the House Committee on Financial Services. 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.