This bill would create an independent, nonpartisan Commission on Natural Disaster Risk Management and Insurance. The Commission would have 26 members appointed by congressional leaders, committee chairs and ranking members, and two State insurance commissioners. Most members must be private experts (not federal or state employees). Members serve without pay. The Commission may access nonpublic data under confidentiality rules but may not require agencies or stakeholders to share information or collect new data solely for its work.
The Commission must examine many issues related to natural disasters and financial protections. These include national and local exposure to hazards (floods, hurricanes, wildfires, earthquakes, extreme heat, droughts, etc.); population shifts into high-risk areas; mitigation efforts and building codes; the availability and affordability of property and casualty insurance; the condition of State residual markets and disaster funds; reinsurance, catastrophe bonds, and other risk-sharing tools; the capacity of private insurance markets; the role of Federal and State policies in insurance markets; how to increase National Flood Insurance Program take-up; and needs of low-income communities. The Commission must consult State insurance commissioners, relevant Federal agencies (including FEMA, NOAA, EPA, USDA, HUD, Treasury, FHFA, and the Army Corps of Engineers), insurers, reinsurers, and capital market participants.
Not later than 2 years after the bill becomes law, the Commission must deliver a report to specified House and Senate committees with findings and any recommendations for legislative, regulatory, administrative, or other actions. The Commission would terminate 90 days after submitting the report. The bill authorizes appropriations of "such sums as may be necessary."
If enacted, this bill would set up a study body to gather information and make recommendations about natural disaster risks and how insurance and other financial tools could respond. The Commission itself would not change insurance rules, create new insurance programs, or provide disaster aid. Its findings and recommendations could inform future actions by Congress, Federal agencies, State regulators, or private markets.
The bill authorizes "such sums as may be necessary" to run the Commission but does not specify an amount. Members serve without pay. The Commission is scheduled to operate for the time needed to complete its report (report due in 2 years) and would terminate 90 days after submitting the report. No publicly available information on an estimated total cost or budget is included in the bill text.
The bill states its purpose is to establish a nonpartisan, independent Commission to examine natural disaster risks, mitigation, insurance markets, and financial protections, and to provide findings and recommendations to relevant congressional committees.
No publicly available information.