Natural Disaster Risk Reinsurance Program Act of 2023
- Last Action
- 5/18/2023
Actions
- 2023-05-18Referred to the House Committee on Financial Services.
- 2023-05-18Introduced in House
- 2023-05-18Introduced in House
CRS Summary
As of 2023-05-18 (00)
Natural Disaster Risk Reinsurance Program Act of 2023
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.
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.