US Congress Senate Bill 505 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 27 2009 - 25% progression, died in chamber
Action: 2009-02-27 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Text: Latest bill text (Introduced) [PDF]

Homeowners' Defense Act of 2009 - 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 and state residual insurance market entities; (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) use a database to perform research and analysis that encourages standardization of the risk-linked securities market. Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to qualified reinsurance programs to: (1) ensure their solvency; (2) improve the availability and affordability of homeowners' insurance; (3) provide incentive for risk transfer to the private capital and reinsurance markets; and (4) spread the risk of catastrophic financial loss resulting from natural disasters and catastrophic events.Authorizes the Secretary to establish and collect, from qualified and precertified reinsurance programs, a reasonable fee to offset expenses of the program.Instructs the Secretary to require full repayment of all loans made under this Act.

Homeowners' Defense Act of 2009

Sen. Mary Landrieu [D-LA]

Sen. Mel Martinez [R-FL]

Sen. Bill Nelson [D-FL]

Date	Chamber	Action
2009-02-27		Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/505/all-info
Text	https://www.congress.gov/111/bills/s505/BILLS-111s505is.pdf