H.R.737: Homeowners' Defense Act of 2013

About this Bill

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Sponsor Frederica Wilson, D-Fla.
Total Cosponsors 3 (All Democrats)
Introduced Feb. 14, 2013
Latest Major Action Feb. 14, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Homeowners' Defense Act of 2013 - Establishes the National Catastrophe Risk Consortium, as a non-federal, non-profit entity, to ensure the availability and affordability of homeowners' insurance coverage for catastrophic events.

Directs the Consortium 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.

(Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 14, 2013 Referred to the House Committee on Financial Services.