118th Congress Finance and Financial Sector
H.R. 3525: Natural Disaster Risk Reinsurance Program Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes the Natural Disaster Risk Reinsurance Program within the Department of the Treasury. States may voluntarily participate in the program.
The program provides payments to states for damages from a natural disaster not covered by the National Flood Insurance Program for amounts in excess of trigger amounts. These trigger amounts are calculated by the National Academy of Sciences.
States must present a plan that ensures the coverage of losses by insurers not exceeding the trigger amount. States must also pledge to repay the full amount provided by the program within 10 years.
Written by the Congressional Research Service, Library of Congress.
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History
- Introduced in the House by Jared Moskowitz.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.