H.R.4014 - Catastrophe Obligation Guarantee Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Sanchez, Loretta [D-CA-47] (Introduced 11/04/2009)|
|Committees:||House - Financial Services|
|Latest Action:||11/04/2009 Referred to the House Committee on Financial Services.|
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Subject — Policy Area:
- Emergency Management
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Summary: H.R.4014 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (11/04/2009)
Catastrophe Obligation Guarantee Act of 2009 - Directs the Secretary of the Treasury to guarantee holders against loss of principal, interest, or both, on obligations issued by eligible state programs that are established to provide insurance and reinsurance coverage for residential property in the case of catastrophic events.
Prescribes standards for eligible state programs, and for catastrophic debt guarantees.
Limits the aggregate principal amount of guaranteed debt following a catastrophic event to the amount by which the insured losses expected to be sustained by the state program as a result of the events exceed 80% of: (1) the qualifying assets of an eligible state program as stated in its most recent quarterly financial statement filed with the domiciliary regulator; or (2) a state's unrestricted net assets as stated in its annual financial statement.
Pledges the full faith and credit of the United States to the payment of all guarantees issued under the program.
Limits the aggregate total principal amount of guaranteed debt obligations to: (1) $5 billion for earthquake peril; and (2) $20 billion for all other perils.
Makes appropriations to satisfy debt guarantee commitments and attendant administrative expenses.