H.R.737 - Homeowners' Defense Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Wilson, Frederica S. [D-FL-24] (Introduced 02/14/2013)|
|Committees:||House - Financial Services|
|Latest Action:||02/14/2013 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.737 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (02/14/2013)
Homeowners' Defense Act of 2013 - Establishes the National Catastrophe Risk Consortium, as a non-federal, non-profit entity, to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events.
Directs the Consortium 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.
Shields the federal government and the Consortium from liability for Consortium actions.