United States 112th Congress Status: Died 1 D cosponsors

HR 2582 — Homeowners' Defense Act of 2011

Last action — Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2582 on the official United States source →

Action History

  1. Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

  2. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

public-safety finance housing
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Frequently asked questions

What does HR 2582 do?
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.
Who sponsors HR 2582?
HR 2582 is sponsored by Frederica Wilson (D).
What is the current status of HR 2582?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2582?
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