States, but there is no consensus on what, if any, role 
the Federal Government should play; and 
(10) an efficient and effective approach to assess-
ing natural catastrophe risk management and insur-
ance is to establish a nonpartisan commission to 
study the management of natural catastrophe risk, 
and to require such commission to timely report to 
Congress on its findings. 
SEC. 203. ESTABLISHMENT. 
There is established a nonpartisan Commission on 
Natural Catastrophe Risk Management and Insurance (in 
this title referred to as the ‘‘Commission’’). 
SEC. 204. MEMBERSHIP. 
(a) APPOINTMENT.—The Commission shall be com-
posed of 16 members, of whom—
(1) 2 members shall be appointed by the major-
ity leader of the Senate; 
(2) 2 members shall be appointed by the minor-
ity leader of the Senate; 
(3) 2 members shall be appointed by the Speaker 
of the House of Representatives; 
(4) 2 members shall be appointed by the minor-
ity leader of the House of Representatives;
(5) 2 members shall be appointed by the Chair-
man of the Committee on Banking, Housing, and 
Urban Affairs of the Senate; 
(6) 2 members shall be appointed by the Rank-
ing Member of the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
(7) 2 members shall be appointed by the Chair-
man of the Committee on Financial Services of the 
House of Representatives; and 
(8) 2 members shall be appointed by the Rank-
ing Member of the Committee on Financial Services 
of the House of Representatives. 
(b) QUALIFICATION OF MEMBERS.—
(1) IN GENERAL.—Members of the Commission 
shall be appointed under subsection (a) from among 
persons who—
(A) have expertise in insurance, reinsur-
ance, insurance regulation, policyholder con-
cerns, emergency management, risk management, 
public finance, financial markets, actuarial 
analysis, flood mapping and planning, struc-
tural engineering, building standards, land use 
planning, natural catastrophes, meteorology, 
seismology, environmental issues, or other perti-
nent qualifications or experience; and
(B) are not officers or employees of the 
United States Government or of any State gov-
ernment. 
(2) DIVERSITY.—In making appointments to the 
Commission—
(A) every effort shall be made to ensure that 
the members are representative of a broad cross 
section of perspectives within the United States; 
and 
(B) each member of Congress described in 
subsection (a) shall appoint not more than 1 
person from any single primary area of expertise 
described in paragraph (1)(A) of this subsection. 
(c) PERIOD OF APPOINTMENT.—
(1) IN GENERAL.—Each member of the Commis-
sion shall be appointed for the duration of the Com-
mission. 
(2) VACANCIES.—A vacancy on the Commission 
shall not affect its powers, but shall be filled in the 
same manner as the original appointment. 
(d) QUORUM.—
(1) MAJORITY.—A majority of the members of 
the Commission shall constitute a quorum, but a less-
er number, as determined by the Commission, may 
hold hearings.
(2) APPROVAL
ACTIONS.—All recommendations 
and reports of the Commission required by this title 
shall be approved only by a majority vote of all of the 
members of the Commission. 
(e) CHAIRPERSON.—The Commission shall, by major-
ity vote of all of the members, select 1 member to serve as 
the Chairperson of the Commission (in this title referred 
to as the ‘‘Chairperson’’). 
(f) MEETINGS.—The Commission shall meet at the call 
of its Chairperson or a majority of the members. 
SEC. 205. DUTIES OF THE COMMISSION. 
The Commission shall examine the risks posed to the 
United States by natural catastrophes, and means for miti-
gating those risks and for paying for losses caused by nat-
ural catastrophes, including assessing—
(1) the condition of the property and casualty 
insurance and reinsurance markets prior to and in 
the aftermath of Hurricanes Katrina, Rita, and 
Wilma in 2005, and the 4 major hurricanes that 
struck the United States in 2004; 
(2) the current condition of, as well as the out-
look for, the availability and affordability of insur-
ance in all regions of the country; 
(3) the current ability of States, communities, 
and individuals to mitigate their natural catastrophe
risks, including the affordability and feasibility of 
such activities; 
(4) the ongoing exposure of the United States to 
natural catastrophes, including hurricanes, earth-
quakes, volcanic eruptions, tsunamis, tornados, flood-
ing, wildfires, droughts, and other natural catas-
trophes; 
(5) the catastrophic insurance and reinsurance 
markets and the relevant practices in providing in-
surance protection to different sectors of the American 
population; 
(6) implementation of a catastrophic insurance 
system that can resolve key obstacles currently imped-
ing broader implementation of catastrophic risk man-
agement and financing with insurance; 
(7) the financial feasibility and sustainability of 
a national, regional, or other pooling mechanism de-
signed to provide adequate insurance coverage and in-
creased underwriting capacity to insurers and rein-
surers, including private-public partnerships to in-
crease insurance capacity in constrained markets; 
(8) methods to promote public insurance policies 
to reduce losses caused by natural catastrophes in the 
uninsured sectors of the American population;