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Natural Disaster Reinsurance Program: Protecting Homes and Market Stability

This legal act establishes a new program to help insurers cover large losses after natural disasters like hurricanes or earthquakes. The goal is to ensure that home insurance remains available and affordable for citizens, even after severe events. The program aims to protect insurance companies from insolvency, indirectly stabilizing the insurance market for homeowners.
Key points
Establishes a natural disaster risk reinsurance program to protect insurers from insolvency after major events.
Participation in the program is voluntary for states, which must submit a plan ensuring claim coverage and repayment of federal funds.
The federal government will make payments to states when insured losses exceed a set threshold, helping to keep insurance affordable for citizens.
States receiving aid will be required to repay these funds within 10 years, with interest.
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Expired
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Additional Information
Print number: 117_HR_7643
Sponsor: Rep. Crist, Charlie [D-FL-13]
Process start date: 2022-05-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FAITH Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7643.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-05-03.

What are the main provisions?

Key points include:

  • Establishes a natural disaster risk reinsurance program to protect insurers from insolvency after major events.
  • Participation in the program is voluntary for states, which must submit a plan ensuring claim coverage and repayment of federal funds.
  • The federal government will make payments to states when insured losses exceed a set threshold, helping to keep insurance affordable for citizens.
  • States receiving aid will be required to repay these funds within 10 years, with interest.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Crist, Charlie [D-FL-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Real Estate Economy