H.R. 2582 (112th): Homeowners’ Defense Act of 2011

Introduced:
Jul 19, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Frederica Wilson [D-FL17]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 737 on Feb 14, 2013. See H.R. 737 for current action on this subject.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on July 19, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 19, 2011
Referred to Committee Jul 19, 2011
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

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Last updated Jul 19, 2011.
37 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/19/2011--Introduced.
Homeowners' Defense Act of 2011 - 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.
Shields the federal government and the Consortium from liability for Consortium actions.
Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by certain eligible state programs 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.
Directs the Secretary to make contracts for reinsurance coverage available for purchases only by eligible state programs.
Sets pricing guidelines and limits aggregate potential federal liability.
Establishes a Federal Natural Catastrophe Reinsurance Fund. Directs the Secretary of Housing and Urban Development (HUD) to establish a grants program for eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes.
Directs the Comptroller General to study:
(1) risk-based insurance rate pricing; and
(2) rates for state insurance, reinsurance, or residual market programs that fail to cover the expected value of all future associated costs.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 57