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United States · Bill · HR

H.R. 2555 (111th)

Homeowners' Defense Act of 2010

openUnited States· United States Congress· EN

Introduced

21 May 2009

Last action

13 July 2010 · Reported

Status

Placed on the Union Calendar, Calendar No. 306.

Sponsors

Rep. Klein, Ron [D-FL-22], Rep. Frank, Barney [D-MA-4], Rep. Grayson, Alan [D-FL-9], Rep. Kosmas, Suzanne M. [D-FL-24], John Larson, James Clyburn, JOSEPH CROWLEY, Rep. Tauscher, Ellen O. [D-CA-10], Rep. Hare, Phil [D-IL-17], Rep. Meek, Kendrick B. [D-FL-17], Sen. Welch, Peter [D-VT], Kathy Castor, Rep. Wexler, Robert [D-FL-19], Rep. Delahunt, Bill [D-MA-10], Rep. Kennedy, Patrick J. [D-RI-1], Rep. Brown-Waite, Ginny [R-FL-5], Rep. Abercrombie, Neil [D-HI-1], Bill Posey, ILEANA ROS-LEHTINEN, Vern Buchanan, Rep. Griffith, Parker [D-AL-5], Rep. Melancon, Charlie [D-LA-3], Sen. Schiff, Adam B. [D-CA], Timothy Walz, Rep. Berkley, Shelley [D-NV-1], Sheila Jackson Lee, ALCEE HASTINGS, Rep. Braley, Bruce L. [D-IA-1], Rep. Boyd, Allen [D-FL-2], TIM RYAN, Rep. Wasserman Schultz, Debbie [D-FL-25], Rep. Berman, Howard L. [D-CA-26], Rep. Crenshaw, Ander [R-FL-4], Rep. Inslee, Jay [D-WA-1], Rep. Kagen, Steve [D-WI-8], Jerry McNerney, Ed Perlmutter, Rep. Brown, Corrine [D-FL-5], Rep. Harman, Jane [D-CA-36], Rep. Diaz-Balart, Lincoln [R-FL-21], Rep. Ackerman, Gary L. [D-NY-7], John Yarmuth, Thomas Rooney, Sen. Donnelly, Joe [D-IN], Rep. Johnson, Henry C. "Hank" [D-GA-4], MICHAEL CAPUANO, Keith Ellison, Sen. Hirono, Mazie K. [D-HI]

Subjects

Defence, Housing

Source updated

7 April 2025

Defence · Housing

Official sourceDownload fileView documentsShare

Summary

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, 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. Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on any such debt issued by eligible state programs for purposes of promoting the availability of private capital to provide liquidity and capacity to state catastrophe insurance programs and expediting the payment of claims under such programs and better assist the financial recovery from significant natural catastrophes. Provides separate limits on the total principal amount of such obligations for programs that cover earthquake peril and those that cover all other perils. Directs the Secretary to make contracts for reinsurance coverage available for purchase by eligible state programs. Provides pricing guidelines and a limit on aggregate potential federal liability. Establishes a Federal Natural Catastrophe Reinsurance Fund in the Treasury to be funded by amounts received from the sale of reinsurance coverage contracts, amounts appropriated for liability for claims payment, and earnings on investments. Directs the Secretary of Housing and Urban Development (HUD) to establish and carry out a program of grants to eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes. Requires a study of the need for and impact of expanding the programs established by this Act to apply to insured losses of eligible state programs for losses arising from commercial insurance policies that provide coverage for properties composed predominantly of residential rental units.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 21 May 2009

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 21 May 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 21 May 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 27 April 2010

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 26.

    Source: Committee

  5. 27 April 2010

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  6. 13 July 2010

    Calendars

    Placed on the Union Calendar, Calendar No. 306.

    Source: Calendars

  7. 13 July 2010

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-534.

    Source: Committee

  8. 13 July 2010

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-534.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported in House (text)

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Sponsors

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Related records

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Sources

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