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Natural Disaster Risk Reinsurance Program: Protecting Home Insurance

This act establishes a new federal program to protect insurance companies from bankruptcy after major natural disasters. The goal is to keep home and residential rental insurance affordable, ensuring claims are paid even after severe events. The program applies to covered events occurring on or after January 1, 2024.
Key points
The program aims to protect insurers from insolvency after major disasters, ensuring stability in the residential insurance market.
Participation is voluntary for states, which must submit a plan to ensure claims are covered and federal funds are repaid within 10 years.
In cases of excessive insured losses, the federal government will provide payments to participating states to help cover claims, with states obligated to repay these funds.
The program covers property and casualty insurance for single-family and multifamily residences, excluding flood insurance.
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Additional Information
Print number: 118_HR_3525
Sponsor: Rep. Moskowitz, Jared [D-FL-23]
Process start date: 2023-05-18
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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

Natural Disaster Risk Reinsurance Program Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3525.

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 2023-05-18.

What are the main provisions?

Key points include:

  • The program aims to protect insurers from insolvency after major disasters, ensuring stability in the residential insurance market.
  • Participation is voluntary for states, which must submit a plan to ensure claims are covered and federal funds are repaid within 10 years.
  • In cases of excessive insured losses, the federal government will provide payments to participating states to help cover claims, with states obligated to repay these funds.
  • The program covers property and casualty insurance for single-family and multifamily residences, excluding flood insurance.
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. Moskowitz, Jared [D-FL-23].

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 2025-12-25.

CATEGORIES

Real Estate Economy