section and section 8(h), no Federal funds shall be author-
ized or appropriated for the Fund or for carrying out the 
reinsurance program under this Act. 
SEC. 8. NATIONAL COMMISSION ON CATASTROPHE RISKS 
AND INSURANCE LOSS COSTS. 
(a) ESTABLISHMENT.—The Secretary shall establish 
a commission to be known as the National Commission 
on Catastrophe Risks and Insurance Loss Costs. 
(b) DUTIES.—The Commission shall meet for the sole 
purpose of advising the Secretary regarding the estimated 
loss costs associated with the contracts for reinsurance 
coverage under this Act and carrying out the functions 
specified in this Act. 
(c) MEMBERS.—The Commission shall consist of not 
more than 5 members, who shall be appointed by the Sec-
retary and shall be broadly representative of the public 
interest. Members shall have no personal, professional, or 
financial interest at stake in the deliberations of the Com-
mission. The membership of the Commission shall at all 
times include at least 1 representative of a nationally rec-
ognized consumer organization. 
(d) TREATMENT
OF NON-FEDERAL MEMBERS.— 
Each member of the Commission who is not otherwise em-
ployed by the Federal Government shall be considered a 
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special Government employee for purposes of sections 202 
and 208 of title 18, United States Code. 
(e) EXPERTS AND CONSULTANTS.—The Commission 
may procure temporary and intermittent services under 
section 3109(b) of title 5, United States Code, but at a 
rate not in excess of the daily equivalent of the annual 
rate of basic pay payable for level V of the Executive 
Schedule, for each day during which the individual pro-
cured is performing such services for the Commission. 
(f) COMPENSATION.—Each member of the Commis-
sion who is not an officer or employee of the Federal Gov-
ernment shall be compensated at a rate of basic pay pay-
able for level V of the Executive Schedule, for each day 
(including travel time) during which such member is en-
gaged in the performance of the duties of the Commission. 
All members of the Commission who are officers or em-
ployees of the United States shall serve without compensa-
tion in addition to that received for their services as offi-
cers or employees of the United States. 
(g) OBTAINING DATA.—The Commission and the 
Secretary may solicit loss exposure data and such other 
information either deems necessary to carry out its re-
sponsibilities from governmental agencies and bodies and 
organizations that act as statistical agents for the insur-
ance industry. The Commission and the Secretary shall 
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take such actions as are necessary to ensure that informa-
tion that either deems is confidential or proprietary is dis-
closed only to authorized individuals working for the Com-
mission or the Secretary. No company which refuses to 
provide information requested by the Commission or the 
Secretary may participate in the program for reinsurance 
coverage authorized under this Act, nor may any State 
insurance or reinsurance program participate if any gov-
ernmental agency within that State has refused to provide 
information requested by the Commission or the Sec-
retary. 
(h) FUNDING.— 
(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated— 
(A) $1,000,000 for fiscal year 2008 for the 
initial expenses in establishing the Commission 
and the initial activities of the Commission that 
cannot timely be covered by amounts obtained 
pursuant to section 5(a)(3)(C), as determined 
by the Secretary; 
(B) such additional sums as may be nec-
essary to carry out subsequent activities of the 
Commission; 
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(C) $1,000,000 for fiscal year 2008 for the 
initial expenses of the Secretary in carrying out 
the program authorized under section 2; and 
(D) such additional sums as may be nec-
essary to carry out subsequent activities of the 
Secretary under this Act. 
(2) OFFSET.—The Secretary shall provide, to 
the maximum extent practicable, that an amount 
equal to any amount appropriated under paragraph 
(1) is obtained from purchasers of reinsurance cov-
erage under this Act and deposited in the Fund es-
tablished under section 7. Such amounts shall be ob-
tained by inclusion of a provision for the Secretary’s 
and the Commission’s expenses incorporated into the 
pricing of the contracts for such reinsurance cov-
erage, pursuant to section 5(a)(3)(C). 
(i) TERMINATION.—The Commission shall terminate 
upon the effective date of the repeal under section 11(c). 
SEC. 9. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the National Commission on Catastrophe 
Risks and Insurance Loss Costs established under 
section 8. 
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(2) COVERED PERILS.—The term ‘‘covered per-
ils’’ means the disaster perils under section 4. 
(3) COVERED PURCHASER.—The term ‘‘covered 
purchaser’’ means, with respect to reinsurance cov-
erage made available under a contract under section 
5, the purchaser of the contract auctioned under 
such section or any subsequent holder or holders of 
the contract. 
(4) DISASTER AREA.—The term ‘‘disaster area’’ 
means a geographical area, with respect to which— 
(A) a covered peril has occurred; and 
(B) a declaration that a major disaster ex-
ists, as a result of the occurrence of such 
peril— 
(i) has been made by the President of 
the United States; and 
(ii) is in effect. 
(5) ELIGIBLE
LOSSES.—The term ‘‘eligible 
losses’’ means losses in excess of the sustained and 
retained losses, as defined by the Secretary after 
consultation with the Commission. 
(6) 
PRICE
GOUGING.—The 
term 
‘‘price 
gouging’’ means the providing of any consumer good 
or service by a supplier for a price that the supplier 
knows or has reason to know is greater, by at least 
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