Us Congress 2023-2024 Regular Session

Us Congress House Bill HB3525

Introduced
5/18/23  

Caption

Natural Disaster Risk Reinsurance Program Act of 2023

Impact

The bill mandates that the Secretary of the Treasury administer the program, which involves providing financial assistance to participating states based on their insured losses exceeding a set trigger amount. This assistance will come in the form of federal payments and can be repaid through bonds issued by the Secretary for managing these payouts. The program’s reliance on state participation and management could lead to variations in implementation and effectiveness across different states, influenced by local regulations and disaster management strategies.

Summary

House Bill 3525, also known as the Natural Disaster Risk Reinsurance Program Act of 2023, aims to establish a program administered by the Department of the Treasury to protect insurers from insolvency due to significant natural disasters. The program is designed to enhance the affordability and availability of insurance coverage for losses resulting from covered natural disaster events. Under this bill, states can voluntarily participate by having an approved plan that assures insurers will cover claims from such disasters while receiving federal support for excessive insured losses.

Contention

Notable points of contention regarding HB3525 center around the financial liability of the states participating in the program and the adequacy of the proposed trigger amounts for disaster payments. Critics may argue that the program could lead to an inappropriate risk transfer from private insurers to the federal government, raising concerns about long-term sustainability and the adequacy of insurance coverage in disaster-prone areas. Furthermore, the requirement for states to manage repayments could strain state resources, especially in the aftermath of significant disasters.

Companion Bills

No companion bills found.

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