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United States · Bill · HR

H.R. 3355 (110th)

Homeowners' Defense Act of 2007

referredUnited States· United States Congress· EN

Introduced

3 August 2007

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

10 January 2026

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Summary

Homeowners' Defense Act of 2007 - Declares that the purposes of this Act is to provide a federal backstop for state-sponsored insurance programs to help homeowners prepare for and recover from the damages caused by natural catastrophes. Establishes a nonprofit National Catastrophe Risk Consortium, which shall not be an agency or instrumentality of the U.S. government, to: (1) gather an inventory of catastrophe risk obligations held by participating states' reinsurance funds, risk pools, or primary insurance corporations; (2) issue securities and other financial instruments linked to the catastrophe risk in the capital markets; (3) enter into reinsurance contracts with private parties, on a conduit basis; (4) act as a centralized repository of state risk information accessible by private-market participants interested in underwriting risk-linked securities or entering into reinsurance contracts; and (5) use an acquired catastrophe risk database to perform research and analysis that encourages standardization of the risk-linked securities market. Makes the Consortium eligible for discretionary federal grants, contracts, gifts, contributions, or technical assistance. Directs the Secretary of the Treasury to carry out a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to state and regional reinsurance programs to: (1) ensure their solvency; (2) improve the availability and affordability of homeowners' insurance; and (3) spread the risk of catastrophic financial loss resulting from natural disasters and catastrophic events. Authorizes the Secretary to establish and collect a reasonable fee from precertified qualified reinsurance programs to offset stabilization program expenses. Prescribes requirements for qualified reinsurance programs.

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Documents

11 official files

Referred in Senate (text)

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Sources

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