I 
119TH CONGRESS 
1ST SESSION H. R. 4504 
To require the Secretary of the Treasury to establish a catastrophic property 
loss reinsurance program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 17, 2025 
Ms. KAMLAGER-DOVE (for herself, Ms. MATSUI, Mr. CARBAJAL, and Ms. 
WASSERMAN SCHULTZ) introduced the following bill; which was referred 
to the Committee on Financial Services 
A BILL 
To require the Secretary of the Treasury to establish a 
catastrophic property loss reinsurance program, and for 
other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Incorporating National 
Support for Unprecedented Risks and Emergencies Act’’ 
or the ‘‘INSURE Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
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(1) ALL-PERILS
PROPERTY
INSURANCE
POL-
ICY.—The term ‘‘all-perils property insurance pol-
icy’’ means a property insurance policy approved by 
a State which includes coverage for catastrophe per-
ils as those perils are added to the Program. 
(2) CATASTROPHE
PERIL.—The term ‘‘catas-
trophe peril’’ means the damage caused by— 
(A) wind, hurricane, wildfire, severe con-
vective storm, and flood as they are added to 
the Program under section 3(d); 
(B) earthquake, conditioned on the report 
under section 5(2); and 
(C) any other peril as determined by the 
Secretary and added to the Program. 
(3) ENGAGED
IN
THE
BUSINESS
OF
INSUR-
ANCE.—The term ‘‘engaged in the business of insur-
ance’’ means a person or entity that is subject to 
oversight by a State insurance department. 
(4) FUND.—The term ‘‘Fund’’ means the Fed-
eral Catastrophe Reinsurance Fund established 
under section 3(i). 
(5) INSURER.—The term ‘‘insurer’’— 
(A) means an admitted or non-admitted in-
surance company licensed or authorized to sell 
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primary property insurance by State insurance 
regulators; and 
(B) does not include a reinsurance com-
pany or a captive insurance company. 
(6) PARTICIPATING INSURER.—The term ‘‘par-
ticipating insurer’’ means an insurer that is partici-
pating in the Program. 
(7) PROGRAM.—The term ‘‘Program’’ means 
the catastrophic property loss reinsurance program 
established under section 3(a). 
(8) PROPERTY INSURANCE POLICY.—The term 
‘‘property insurance policy’’ means a contract of in-
surance, through a policy form approved by a State 
insurance department, that provides, among other 
coverages, coverage for physical damage to residen-
tial or commercial property. 
(9) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(10) STATISTICAL PLAN.—The term ‘‘statistical 
plan’’ means— 
(A) a description of the data elements to 
be reported; and 
(B) the instructions and procedures for ac-
curately reporting data. 
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SEC. 3. CATASTROPHIC PROPERTY LOSS REINSURANCE 
PROGRAM. 
(a) IN GENERAL.—Not later than 4 years after the 
date of enactment of this Act, the Secretary shall establish 
a catastrophic property loss reinsurance program to pro-
vide reinsurance for qualifying primary insurance compa-
nies. 
(b) ELIGIBILITY.—An insurer is qualified to partici-
pate in the Program if such insurer— 
(1) offers an all-perils property insurance pol-
icy, as perils are phased in under subsection (d), 
for— 
(A) residential property insurance policies; 
or 
(B) commercial property insurance policies; 
and 
(2) offers a loss prevention partnership with the 
policyholder to encourage investments and activities 
that reduce insured and economic losses from a ca-
tastrophe peril. 
(c) CONSULTATION.—The Secretary may contract 
with reinsurance brokers and consultants to assist the 
Secretary in the design and management of the Program. 
(d) PROGRAM PHASE-IN TIMELINE.—The Secretary 
shall— 
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(1) not later than January 1 of the year begin-
ning 4 years after the date of enactment of this Act, 
operate the Program for the perils of wind and hur-
ricane; 
(2) not later than January 1 of the year begin-
ning 5 years after the date of enactment of this Act, 
operate the Program for the perils of severe convec-
tive storm and wildfire; 
(3) not later than January 1 of the year begin-
ning 6 years after the date of enactment of this Act, 
operate the Program for the peril of flood; and 
(4) not later than the earlier of January 1 of 
the year beginning 8 years after the date of enact-
ment of this Act or the date on which the feasibility 
report described in section 4(2) is submitted, operate 
the Program for the peril of earthquake. 
(e) THRESHOLD FOR PAYMENT.— 
(1) IN GENERAL.—The Secretary shall, after 
consulting with the advisory committee established 
under subsection (h), establish a financial threshold 
at which a participating insurer may receive 
amounts from the fund established under subsection 
(i). 
(2) THRESHOLD CALCULATION.—The threshold 
established under paragraph (1) shall be an amount 
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that is not greater than 40 percent of the probable 
maximum loss of an individual participating insurer 
for each catastrophe peril included in the Program. 
(3) 
CONSIDERATIONS.—In 
establishing 
the 
threshold described in paragraph (1), the Secretary 
shall consider— 
(A) the amount of reinsurance necessary to 
meaningfully reduce the cost to the partici-
pating insurer to— 
(i) provide coverage for catastrophe 
perils covered by the Program; and 
(ii) encourage States to require par-
ticipating insurers to offer an all-perils 
property insurance policy; 
(B) the levels of primary insurer retention 
and private reinsurance market capacity nec-
essary to— 
(i) promote stable and competitive 
markets for catastrophe reinsurance; and 
(ii) incentivize the establishment by 
private parties of capital market alter-
natives to reinsurance, for example the cre-
ation of a market for catastrophe bonds; 
and 
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(C) the role of the Program in promoting 
investments by participating insurers that 
would be aimed at decreasing losses. 
(f) PREMIUMS.— 
(1) IN GENERAL.—The Secretary shall require 
participating insurers to pay a premium to the Sec-
retary each quarter. 
(2) PREMIUM AMOUNT CONSIDERATIONS.—The 
amount of the premium required under paragraph 
(1) shall reflect only the following considerations: 
(A) The expected average annual losses for 
the participating insurer under the specific 
terms of the reinsurance coverage, as calculated 
by the Secretary based on the exposure of the 
participating insurer. 
(B) The administrative costs to administer 
and manage the Program. 
(C) A trend factor to account for increases 
over time in the cost of average annual losses 
for participating insurers, as determined by the 
Secretary. 
(3) CONSULTATION.—The Secretary shall con-
sult with the advisory committee established under 
subsection (i) when establishing premium amounts 
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and may contract for services to assist in the estab-
lishment of premium amounts. 
(4) MINIMUM PREMIUM REQUIRED.—The Sec-
retary may not establish any premium that is less 
than 50 percent of the amount equal to the sum of 
the— 
(A) expected average annual losses for the 
participating insurer, as calculated by the Sec-
retary based on the exposure of the partici-
pating insurer; and 
(B) administrative costs to administer and 
manage the Program. 
(5) PREMIUM
ADJUSTMENTS.—The Secretary 
shall adjust premiums each quarter for each partici-
pating insurer to reflect material changes in the ex-
posure of the participating insurer. 
(6) PREMIUM INCREASES.—Excluding any ad-
justment made under paragraph (5), the Secretary 
may increase premiums for a participating insurer 
not more than 7 percent annually. 
(g) LOSS PREVENTION PARTNERSHIPS.— 
(1) IN GENERAL.—The Secretary, in coordina-
tion with the advisory committee established under 
subsection (h), State insurance agencies, and State 
and Federal emergency management agencies, shall 
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develop a list of activities that qualify as loss preven-
tion partnerships for purposes of this section, which 
may include the following activities: 
(A) Participating insurers identifying loss 
prevention steps that make properties eligible 
for coverage or renewal. 
(B) Participating insurers making coverage 
contingent upon the implementation of a loss 
prevention activity by a potential insured party. 
(2) ACTIVITIES
EXCLUDED
FROM
LOSS
PRE-
VENTION PARTNERSHIPS.—The Secretary, State in-
surance agencies, and State and Federal emergency 
management agencies may not include the following 
activities as loss prevention partnerships for pur-
poses of this section: 
(A) The provision of an insurance pre-
mium discount for an investment by an insured 
party or potential insured party in an activity 
designed to reduce the losses of the partici-
pating insurer, absent an investment by the 
participating insurer. 
(B) The provision of general information 
about loss prevention. 
(h) ADVISORY COMMITTEE.— 
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(1) IN GENERAL.—The Secretary shall establish 
an advisory committee to advise the Secretary with 
respect to the Program. 
(2) MEMBERSHIP.—The committee established 
under paragraph (1) shall include the following 
members: 
(A) 5 members representing consumer or-
ganizations engaged in fair housing, insurance, 
environmental, climate, and technology advo-
cacy. 
(B) 3 members selected from individual 
primary insurance companies selling property 
insurance policies, including one large national 
insurer, 1 medium sized regional insurer, and 1 
small insurer. 
(C) 1 global reinsurer active in United 
States property insurance markets. 
(D) 1 domestic-focused reinsurer active in 
United States property insurance markets. 
(E) 2 insurance regulators from a State of 
the United States, a territory or possession of 
the United States, or the District of Colombia. 
(F) 2 State legislators who— 
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(i) serve on State legislative commit-
tees with oversight over insurance matters; 
and 
(ii) are not employed directly or indi-
rectly by any person or organization en-
gaged in the business of insurance. 
(G) 2 members selected from independent 
insurance agents who serve traditionally under-
served areas. 
(H) 1 representative from a mortgage 
lender. 
(I) 1 representative from a bank. 
(J) 1 representative from each of the fol-
lowing agencies: 
(i) The Department of Housing and 
Urban Development. 
(ii) The Department of Health and 
Human Services. 
(iii) The Federal Housing Finance 
Agency. 
(iv) The Department of Veterans Af-
fairs. 
(v) The Department of Agriculture. 
(vi) The Federal Emergency Manage-
ment Agency. 
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(vii) The Office of Management and 
Budget. 
(viii) The Environmental Protection 
Agency. 
(K) 1 representative from the Financial 
Stability Oversight Council. 
(i) FEDERAL CATASTROPHE REINSURANCE FUND.— 
(1) IN GENERAL.—The Secretary shall establish 
the Federal Catastrophe Reinsurance Fund to hold 
and invest premiums paid by participating insurers. 
(2) ISSUANCE OF NOTES AND BONDS.— 
(A) IN GENERAL.—If amounts in the Fund 
are insufficient to pay obligations to partici-
pating insurers, the Secretary shall issue notes 
and bonds under this paragraph, the proceeds 
of which shall be used for payment obligations 
to participating insurers. 
(B) TERMS.—Notes and bonds issued 
under this paragraph shall be— 
(i) in such form and denominations, 
and shall be subject to such terms and 
conditions of issue, conversion, redemption, 
maturation, and payment as the Secretary 
may prescribe; and 
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(ii) fully and unconditionally guaran-
teed both as to interest and principal by 
the United States, and that guaranty shall 
be expressed on the face of each bond. 
(C) INTEREST.—Notes and bonds issued 
under this paragraph shall bear interest at a 
rate not less than the current average yield on 
outstanding market obligations of the United 
States of comparable maturity during the 
month preceding the issuance of the obligation 
as determined by the Secretary. 
(D) TREATMENT.—All notes and bonds 
issued under this paragraph, and the interest 
on credits with respect to those obligations, 
shall not be subject to taxation by any State, 
county, municipality, or local taxing authority. 
(E) SATISFACTION.—The Secretary shall 
utilize investment revenue from the Fund to 
satisfy any notes or bonds issued under this 
paragraph. 
(j) DATA COLLECTION.— 
(1) IN GENERAL.—The Secretary shall— 
(A) establish a statistical plan for quar-
terly reporting by participating insurers of pol-
icy-level claim transaction data; 
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(B) consult with the advisory committee 
established under subsection (h) and the Na-
tional Association of Insurance Commissioners 
with respect to— 
(i) the contents of the statistical plan; 
and 
(ii) the method of data collection; 
(C) collect quarterly reports from each par-
ticipating insurer that include— 
(i) a description of all exposures cov-
ered by the Program at the time of the 
submission of the report; and 
(ii) a list of the type and amount of 
all claims made in the previous quarter; 
(D) in a manner that does not risk public 
disclosure of personally identifiable information 
of policyholders, provide the quarterly reports 
received under subparagraph (C) to— 
(i) the Director of the Office of Fi-
nancial Research to assess risk to— 
(I) the financial stability of the 
United States; and 
(II) international financial sys-
tems arising from United States prop-
erty insurance markets, including lack 
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of available property insurance or in-
adequate coverage from property in-
surance; 
(ii) the Director of the Federal Insur-
ance Office to assess the risks to the finan-
cial stability arising from under-insurance 
of property insurance policies covering ca-
tastrophe perils, including in traditionally 
underserved insurance markets; 
(iii) the head of the department of in-
surance in each State; and 
(iv) any other Federal, State, or local 
government entity that, as determined by 
the Secretary, is related to— 
(I) catastrophe loss prevention, 
mitigation, or recovery; or 
(II) the promotion of competitive 
property insurance markets; and 
(E) make the data collected under this 
paragraph available online in a manner that 
does not risk public disclosure of personally 
identifiable information of policyholders. 
(2) 
CONTRACTING
WITH
A
STATISTICAL 
AGENT.— 
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(A) IN
GENERAL.—The Secretary shall 
contract with a statistical agent via a competi-
tive bidding process to collect and review the 
data under this subsection for accuracy and 
completeness. 
(B) OFFICE OF FINANCIAL RESEARCH AS 
THE STATISTICAL AGENT.—If the Secretary is 
unable to identify a qualified statistical agent 
for collection of data under this subsection, the 
Director of the Office of Financial Research 
shall establish a data collection infrastructure 
for collection of such data. 
SEC. 4. REPORTS ON RELOCATION FUND AND EARTH-
QUAKE COVERAGE. 
The Secretary shall— 
(1) not later than 2 years after the date of en-
actment of this Act, submit to Congress a report on 
the feasibility of establishing a fund to relocate 
homes and businesses that have become uninsurable 
due to catastrophe perils; and 
(2) not later than 3 years after the date of en-
actment of this Act, submit to Congress a report on 
the feasibility of including earthquakes as a peril 
covered under the all-perils property insurance pol-
icy. 
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SEC. 5. LONG-TERM POLICY PILOT PROGRAM. 
(a) IN GENERAL.—The Secretary shall, in consulta-
tion with States and the National Association of Insurance 
Commissioners, establish a pilot program for all-perils 
property insurance policies, as perils are phased in under 
section 3(d), with a policy term of at least 5 years (in 
this section referred to as a ‘‘multi-year policy’’). 
(b) PREMIUM AND POLICY CONDITIONS.—An insurer 
who participates in the pilot program established under 
this section may— 
(1) increase premiums based on— 
(A) price indexes of construction costs; 
(B) changes in home value; and 
(C) optional coverages selected by the pol-
icyholder; 
(2) not increase premiums based on a change in 
the assessment by the insurer of the catastrophe 
peril risks associated with the insured property; 
(3) require property maintenance consistent 
with the condition of the property at time of initial 
policy issuance; and 
(4) require loss mitigation investment partner-
ships as a condition for the multi-year policy. 
(c) ACTIONS BY THE POLICYHOLDER.— 
(1) POLICY CONTINUATION.—With the agree-
ment of the insurer, a consumer purchasing the 
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property during the term of the multi-year policy 
may continue the policy for the remainder of the 
term. 
(2) ELECTION TO NEW INSURER.—If the policy-
holder elects to move to a new insurer during the 
term of the multi-year policy, the new insurer may 
take into account loss mitigation investment partner-
ships with the prior insurers in rate setting. 
(3) CANCELLATION BY POLICYHOLDER.—If the 
policyholder is the recipient of any funds for loss 
prevention property improvements from the insurer, 
Federal, State, local government, or other source 
and the policyholder cancels the policy before the 
end of the multi-year policy term, the policyholder 
shall return a pro-rata share of such improvement to 
the source of the funds. 
Æ 
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