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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Reported to House

Homeowners' Defense Act of 2010

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To ensure the availability and affordability of homeowners' insurance coverage for catastrophic events.


Actions Overview (2)

Date
07/13/2010Reported (Amended) by the Committee on Financial Services. H. Rept. 111-534.
05/21/2009Introduced in House

All Actions (6)

Date
07/13/2010Placed on the Union Calendar, Calendar No. 306.
Action By: House of Representatives
07/13/2010Reported (Amended) by the Committee on Financial Services. H. Rept. 111-534.
04/27/2010Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 26.
04/27/2010Committee Consideration and Mark-up Session Held.
05/21/2009Referred to the House Committee on Financial Services.
Action By: House of Representatives
05/21/2009Introduced in House
Action By: House of Representatives

Cosponsors (79)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Frank, Barney [D-MA-4]* 05/21/2009
Rep. Grayson, Alan [D-FL-8]* 05/21/2009
Rep. Kosmas, Suzanne M. [D-FL-24]* 05/21/2009
Rep. Larson, John B. [D-CT-1]* 05/21/2009
Rep. Clyburn, James E. [D-SC-6]* 05/21/2009
Rep. Crowley, Joseph [D-NY-7]* 05/21/2009
Rep. Tauscher, Ellen O. [D-CA-10]* 05/21/2009
Rep. Hare, Phil [D-IL-17]* 05/21/2009
Rep. Meek, Kendrick B. [D-FL-17]* 05/21/2009
Rep. Welch, Peter [D-VT-At Large]* 05/21/2009
Rep. Castor, Kathy [D-FL-11]* 05/21/2009
Rep. Wexler, Robert [D-FL-19]* 05/21/2009
Rep. Delahunt, Bill [D-MA-10]* 05/21/2009
Rep. Kennedy, Patrick J. [D-RI-1]* 05/21/2009
Rep. Brown-Waite, Ginny [R-FL-5]* 05/21/2009
Rep. Abercrombie, Neil [D-HI-1]* 05/21/2009
Rep. Posey, Bill [R-FL-15]* 05/21/2009
Rep. Ros-Lehtinen, Ileana [R-FL-18]* 05/21/2009
Rep. Buchanan, Vern [R-FL-13]* 05/21/2009
Rep. Griffith, Parker [D-AL-5]* 05/21/2009
Rep. Melancon, Charlie [D-LA-3]* 05/21/2009
Rep. Schiff, Adam B. [D-CA-29]* 05/21/2009
Rep. Walz, Timothy J. [D-MN-1]* 05/21/2009
Rep. Berkley, Shelley [D-NV-1]* 05/21/2009
Rep. Jackson-Lee, Sheila [D-TX-18]* 05/21/2009
Rep. Hastings, Alcee L. [D-FL-23]* 05/21/2009
Rep. Braley, Bruce L. [D-IA-1]* 05/21/2009
Rep. Boyd, Allen [D-FL-2]* 05/21/2009
Rep. Ryan, Tim [D-OH-17]* 05/21/2009
Rep. Wasserman Schultz, Debbie [D-FL-20]* 05/21/2009
Rep. Berman, Howard L. [D-CA-28]* 05/21/2009
Rep. Crenshaw, Ander [R-FL-4]* 05/21/2009
Rep. Inslee, Jay [D-WA-1]* 05/21/2009
Rep. Kagen, Steve [D-WI-8]* 05/21/2009
Rep. McNerney, Jerry [D-CA-11]* 05/21/2009
Rep. Perlmutter, Ed [D-CO-7]* 05/21/2009
Rep. Brown, Corrine [D-FL-3]* 05/21/2009
Rep. Harman, Jane [D-CA-36]* 05/21/2009
Rep. Diaz-Balart, Lincoln [R-FL-21]* 05/21/2009
Rep. Ackerman, Gary L. [D-NY-5]* 05/21/2009
Rep. Yarmuth, John A. [D-KY-3]* 05/21/2009
Rep. Rooney, Thomas J. [R-FL-16]* 05/21/2009
Rep. Donnelly, Joe [D-IN-2]* 05/21/2009
Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4] 06/02/2009
Rep. Capuano, Michael E. [D-MA-8] 06/02/2009
Rep. Ellison, Keith [D-MN-5] 06/02/2009
Rep. Hirono, Mazie K. [D-HI-2] 06/02/2009
Rep. Moran, James P. [D-VA-8] 06/02/2009
Rep. Pierluisi, Pedro R. [D-PR-At Large] 06/02/2009
Rep. Diaz-Balart, Mario [R-FL-25] 06/02/2009
Rep. Giffords, Gabrielle [D-AZ-8] 06/09/2009
Rep. Hill, Baron P. [D-IN-9] 06/09/2009
Rep. Sires, Albio [D-NJ-13] 06/09/2009
Rep. Conyers, John, Jr. [D-MI-14] 06/09/2009
Rep. Cohen, Steve [D-TN-9] 06/09/2009
Rep. DeGette, Diana [D-CO-1] 06/09/2009
Rep. Campbell, John [R-CA-48] 07/27/2009
Rep. Moore, Dennis [D-KS-3] 07/27/2009
Rep. Woolsey, Lynn C. [D-CA-6] 09/09/2009
Rep. Childers, Travis [D-MS-1] 09/09/2009
Rep. Sanchez, Loretta [D-CA-47] 09/16/2009
Rep. Payne, Donald M. [D-NJ-10] 09/17/2009
Rep. Andrews, Robert E. [D-NJ-1] 09/22/2009
Rep. Weiner, Anthony D. [D-NY-9] 09/25/2009
Rep. Jackson, Jesse L., Jr. [D-IL-2] 09/29/2009
Rep. Cummings, Elijah E. [D-MD-7] 10/07/2009
Rep. Clay, Wm. Lacy [D-MO-1] 12/01/2009
Rep. Meeks, Gregory W. [D-NY-6] 01/13/2010
Rep. Costa, Jim [D-CA-20] 01/20/2010
Rep. Baca, Joe [D-CA-43] 03/02/2010
Rep. Miller, Jeff [R-FL-1] 03/09/2010
Rep. Young, C. W. Bill [R-FL-10] 03/09/2010
Rep. Davis, Danny K. [D-IL-7] 04/13/2010
Rep. Filner, Bob [D-CA-51] 04/28/2010
Rep. Mica, John L. [R-FL-7] 04/28/2010
Rep. Deutch, Theodore E. [D-FL-19] 04/28/2010
Rep. Bishop, Sanford D., Jr. [D-GA-2] 05/13/2010
Rep. Richardson, Laura [D-CA-37] 05/13/2010
Rep. Eshoo, Anna G. [D-CA-14] 05/26/2010
Cosponsors Who Withdrew Date Cosponsored Date Withdrawn CR Explanation
Rep. Shuler, Heath [D-NC-11] 09/09/2009 07/01/2010 --

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services05/21/2009 Referred to
04/27/2010 Markup by
07/13/2010 Reported by H. Rept. 111-534

No related bill information was received for H.R.2555.


Latest Summary (2)

There are 2 summaries for H.R.2555. View summaries

Shown Here:
Reported to House with amendment(s) (07/13/2010)

Homeowners' Defense Act of 2010 - Title I: National Catastrophe Risk Consortium - (Sec. 101) 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.

(Sec. 104) Prohibits the Consortium from: (1) engaging in federal election and lobbying activities; (2) making any contribution to a candidate for election for any state or local office or to any group that receives contributions or makes expenditures for the purpose of influencing any election; (3) employing or retaining any person who engages in influencing any such election or the legislating of any state or local legislative body; or (4) providing any thing of value, other than educational materials or information, to any elected official of a governmental entity.

(Sec. 107) Shields the federal government and the Consortium from liability for Consortium actions. Declares that participating states retain all catastrophe risk until the Consortium: (1) issues securities and other financial instruments linked to the catastrophe risks insured or reinsured through members of the Consortium in the capital markets; and (2) coordinates reinsurance contracts between participating, qualified reinsurance funds and private parties.

(Sec. 108) Authorizes appropriations for FY2010-FY2014.

Title II: Catastrophe Obligation Guarantees - (Sec. 202) Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs that: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance programs; (2) expedite claims payments; and (3) assist financial recovery from significant natural catastrophes.

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.

(Sec. 204) Pledges the full faith and credit of the United States to the payment of all guarantees with respect to principal and interest.

(Sec. 205) Directs the Secretary to charge and collect fees for such guarantees.

Title III: Reinsurance Coverage for Eligible State Programs - (Sec. 301) Directs the Secretary to make contracts for reinsurance coverage available for purchases only by eligible state programs.

(Sec. 302) Sets pricing guidelines and limits aggregate potential federal liability.

(Sec. 305) Establishes a Federal Natural Catastrophe Reinsurance Fund to be funded by: (1) sales of reinsurance coverage contracts; (2) amounts appropriated for liability for claims payment; and (3) earnings on investments.

Title IV: Mitigation Grant Program - (Sec. 401) Directs the Secretary of Housing and Urban Development (HUD) to establish and implement a program of grants to eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes. Includes among such eligible entities a nationally recognized, congressionally chartered disaster response non-profit organization.

Requires the Secretary of HUD to use for such grants at least 35% of the net investment income from the Federal Natural Catastrophe Reinsurance Fund earned in each fiscal year.

Title V: General Provisions - (Sec. 501) Prescribes grant criteria for eligible state programs.

Prohibits this Act from being construed to limit or prevent any eligible state program from obtaining reinsurance coverage for insured losses retained by insurers.

(Sec. 502) Directs the Secretary to study the need for and impact of expanding the programs established by this Act to apply to insured losses of eligible state programs for losses arising from commercial insurance policies that provide coverage for properties composed predominantly of residential rental units.

(Sec. 503) Directs the Comptroller General to study and report to Congress on: (1) risk-based rate pricing, to determine the use of actuarially sound pricing for state insurance, reinsurance, or residual market programs (including what measures states are taking to implement actuarially sound rates); and (2) rates for state insurance, reinsurance, or residual market programs that fail to cover the expected value of all future costs, including the cost of capital, associated with insurance policies or reinsurance contracts written by such programs, or that fail to have sufficient assets above their indebtedness to meet their obligations.