I 
119TH CONGRESS 
1ST SESSION H. R. 6274 
To establish a Natural Disaster Risk Reinsurance Program, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 21, 2025 
Mr. MOSKOWITZ introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To establish a Natural Disaster Risk 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 ‘‘Natural Disaster Risk 
Reinsurance Program Act’’. 
SEC. 2. NATURAL DISASTER RISK REINSURANCE PROGRAM. 
(a) ESTABLISHMENT OF PROGRAM.— 
(1) IN GENERAL.—There is established in the 
Department of the Treasury the Natural Disaster 
Risk Reinsurance Program, which shall apply only 
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to covered events occurring on or after January 1, 
2026. 
(2) GOAL.—The goal of the Program shall be 
to protect insurers from insolvency resulting from 
covered events of a significant magnitude in a man-
ner that provides for affordability of coverage in the 
marketplace for losses from such covered events. 
(3) AUTHORITY
OF
SECRETARY.—Notwith-
standing any other provision of State or Federal 
law, the Secretary shall administer the Program, in 
consultation with the Director of the Federal Insur-
ance Office, and shall make payments to States in 
accordance with subsection (b) to cover insured 
losses. 
(4) VOLUNTARY PARTICIPATION.— 
(A) IN
GENERAL.—Participation in the 
Program shall be voluntary on the part of a 
State, subject to the requirements under para-
graph (4). 
(B) ELECTION.—The Secretary shall pro-
vide a procedure by which States may elect to 
participate in the Program. 
(C) TERMINATION
OF
PARTICIPATION.— 
The Secretary shall provide a procedure by 
which States may elect to terminate participa-
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tion in the Program, which shall require ad-
vance notice to the Secretary of not less than 
180 days before such termination is effective. 
(5) REQUIRED STATE PLAN.—To be eligible to 
participate in the Program a State shall have in ef-
fect a plan, approved by the Secretary, that provides 
such assurances to the Secretary as the Secretary 
considers necessary— 
(A) to ensure that insurers will cover 
claims for insured losses occurring in the State 
during the participation of the State in the Pro-
gram not exceeding the trigger amount for the 
State under subsection (b)(2); 
(B) to ensure that insurers submit to the 
State insurance regulator and the State insur-
ance regulator submits to the Secretary, in ac-
cordance with such reasonable procedures as 
the Secretary may establish, information suffi-
cient for administration of the Program, includ-
ing information regarding claims for insured 
losses occurring in the State, insured losses in-
curred, and direct written premium for covered 
insurance in the State; 
(C) to distribute Federal payments under 
the Program appropriately among insurers 
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based on insured losses suffered by insurers 
and insurers’ market shares; 
(D) to pledge the State’s full faith and 
credit toward full repayment to the Secretary, 
within 10 years of receipt, of any Federal pay-
ment amounts provided under subsection (b) 
and to provide a regular payment schedule over 
such 10-year period; and 
(E) to provide appropriate treatment under 
the program for any insurer that is a State re-
sidual market insurance entity. 
(6) TREATMENT OF EXISTING POLICIES.—This 
Act may not be construed to affect any policy for 
covered insurance in force on the date of the com-
mencement of participation in the Program by the 
State in which the dwelling covered by such insur-
ance is located, but the Program shall apply to poli-
cies renewed after such date. 
(b) FEDERAL PAYMENTS FOR EXCESSIVE INSURED 
LOSSES.— 
(1) FEDERAL PAYMENT.—Pursuant to the oc-
currence of a covered event, the Secretary shall pay 
to each participating State an amount equal to the 
amount by which the aggregate industry-wide in-
sured losses within such participating State resulting 
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from such covered event exceed the trigger amount 
in effect at such time under paragraph (2) for such 
participating State for the type of covered event that 
occurred. The Secretary shall provide for payments 
under this subsection for a participating State for a 
covered event to be made in installments of approxi-
mately 25 percent of the estimated total amount to 
be provided for such State in connection with such 
disaster, as best determined by the Secretary after 
consideration of the information regarding insured 
losses provided to the Secretary pursuant to para-
graph (2)(D). 
(2) STATE TRIGGER AMOUNTS.— 
(A) NAS 
AUTHORITY.—The Secretary 
shall enter into an agreement with the National 
Academy of Sciences (in this paragraph re-
ferred to as the ‘‘Academy’’) under which the 
Academy shall propose to the Secretary, for 
each participating State and for each different 
type of covered event, a trigger amount under 
this paragraph. A trigger amount proposed for 
a State shall be effective for purposes of the 
Program only upon review, adjustment if nec-
essary, and approval by the Secretary. 
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(B) 
CONSIDERATIONS.—The 
trigger 
amount proposed by the Academy for a partici-
pating State for a type of covered event shall be 
the lesser of— 
(i) the total direct written premiums 
for covered insurance in the participating 
State; and 
(ii) the amount, as determined by the 
Academy, that when applied under the 
Program, protects insurers from insolvency 
in the case of covered event of such type 
of a severity equal to or exceeding that of 
a covered event of such type having a two 
percent chance of occurring in any given 
year. 
(C) REVISION.—The agreement pursuant 
to subparagraph (A) shall provide for the Acad-
emy to review and revise the proposed trigger 
amounts for each participating State not less 
frequently than once every 24 months, and 
more frequently at the request of the Secretary. 
Any revised trigger amount may not take effect 
under the Program before the expiration of the 
180-day period beginning upon the provision by 
the Secretary to such participating State of 
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written notification of such revised trigger 
amount. 
(D) ASSESSMENT OF INSURED LOSSES.— 
The agreement pursuant to subparagraph (A) 
shall provide that following the occurrence of a 
covered event, the Academy shall, for each par-
ticipating State affected, make assessments of 
the insured losses for each such State and pro-
vide such information to the Secretary. Such 
assessments shall be made on an ongoing basis 
as necessary to make an accurate determination 
of such insured losses. 
(E) EXPERTS.— 
(i) AUTHORITY.—The agreement pur-
suant to subparagraph (A) shall provide 
that, in establishing proposed trigger 
amounts under this paragraph and assess-
ing insured losses pursuant to subpara-
graph (D), the Academy may contract with 
such experts and consultants, including ex-
perts in disaster modeling, as it considers 
appropriate. 
(ii) AUTHORIZATION
OF
APPROPRIA-
TIONS.—There is authorized to be appro-
priated to the National Academy of 
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Sciences such sums as may be necessary 
for costs of hiring experts and consultants 
pursuant to clause (i). 
(3) AUTHORITY
TO
ISSUE
BONDS
TO
FUND 
FEDERAL PAYMENTS.— 
(A) ISSUANCE.—In connection with a cov-
ered event for which the Secretary is required 
to make a payment under paragraph (1) to a 
participating State, the Secretary shall issue 
bonds under this paragraph, the proceeds of 
which shall be used for making such payment. 
(B) TERMS.—Bonds issued under this 
paragraph shall be in such form and denomina-
tions, and shall be subject to such terms and 
conditions of issue, conversion, redemption, 
maturation, and payment as the Secretary may 
prescribe and shall be fully and unconditionally 
guaranteed both as to interest and principal by 
the United States, and such guaranty shall be 
expressed on the face of each bond. 
(C) INTEREST.—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 com-
parable maturity during the month preceding 
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the issuance of the obligation as determined by 
the Secretary. 
(D) AMOUNT.—The aggregate amount of 
bonds issued under this paragraph in connec-
tion with a covered event shall be equal to the 
aggregate amount of payments made by the 
Secretary pursuant to paragraph (1) in connec-
tion with such covered event and such addi-
tional amount as the Secretary considers appro-
priate to cover any administrative costs in-
curred by the State in connection with bor-
rowing under this paragraph in connection with 
such covered event. 
(E) TREATMENT.—All bonds issued under 
this paragraph, and the interest on or credits 
with respect to such obligations, shall not be 
subject to taxation by any State, county, mu-
nicipality, or local taxing authority. 
(4) RECOUPMENT
OF
FEDERAL
AMOUNTS.— 
Each participating State that receives a payment 
pursuant to paragraph (1) shall repay the Secretary, 
pursuant to its pledge made in accordance with sub-
section (a)(4)(D) and within 10 years of such re-
ceipt, an amount equal to such payment, together 
with interest on such amount sufficient to cover the 
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costs to the Secretary of borrowing such amounts 
pursuant to this paragraph. The Secretary shall 
cover any amounts repaid pursuant to this para-
graph into the general fund of the Treasury. 
SEC. 3. REPORTING. 
(a) BY STATES.— 
(1) ANNUAL REPORTS.—The Secretary shall re-
quire the State insurance regulator for each partici-
pating State to submit a report annually to the Sec-
retary regarding each covered event resulting in pay-
ment under section 2(b)(1), during the period that 
any payment amounts for such event have not been 
fully repaid in accordance with section 2(b)(4), re-
garding insured losses in the State resulting from 
such covered event, additional such insured losses 
expected to be incurred, including the timing of such 
losses, and any progress in repayment to the Sec-
retary for the Federal payments made. 
(2) FINAL REPORT.—The Secretary shall re-
quire the State insurance regulator for each partici-
pating State receiving a payment under section 
2(b)(1) in connection with a covered event to submit 
to the Secretary, upon full repayment of all such 
payments made in connection with such covered 
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event, a final report containing such information as 
the Secretary shall require. 
SEC. 4. GENERAL AUTHORITY. 
(a) GENERAL AUTHORITY.—The Secretary shall have 
the powers and authorities necessary to carry out the Pro-
gram, including authority— 
(1) to investigate and audit all claims for a cov-
ered event in a State for which payments have been 
made by the Secretary under the Program; and 
(2) to prescribe regulations and procedures to 
effectively administer and implement the Program. 
(b) CONSULTATION.—The Secretary shall consult 
with the National Association of Insurance Commis-
sioners, as the Secretary determines appropriate, con-
cerning the Program. 
(c) CONTRACTS FOR SERVICES.—The Secretary may 
employ persons or contract for services as may be nec-
essary to implement the Program. 
(d) SUBMISSION OF PREMIUM INFORMATION.— 
(1) IN GENERAL.—The Secretary shall annually 
compile information on the premium rates of insur-
ers for covered insurance for the preceding year. 
(2) ACCESS TO INFORMATION.—To the extent 
that such information is not otherwise available to 
the Secretary, the Secretary may require each in-
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surer to submit to the National Association of Insur-
ance Commissioners premium rates for covered in-
surance, as necessary to carry out paragraph (1), 
and the National Association of Insurance Commis-
sioners shall make such information available to the 
Secretary. 
(3) AVAILABILITY
TO
CONGRESS.—The Sec-
retary shall make information compiled under this 
subsection available to the Congress, upon request. 
(e) ADMINISTRATIVE EXPENSES.—There are hereby 
appropriated, out of funds in the Treasury not otherwise 
appropriated, such sums as may be necessary to pay rea-
sonable costs of administering the Program. 
SEC. 5. DEFINITIONS. 
In this Act, the following definitions shall apply: 
(1) AFFILIATE.—The term ‘‘affiliate’’ means, 
with respect to a participating insurer, any entity 
that controls, is controlled by, or is under common 
control with the insurer. 
(2) CONTROL.— 
(A) IN GENERAL.—An entity has ‘‘control’’ 
over another entity, if— 
(i) the entity directly or indirectly or 
acting through 1 or more other persons 
owns, controls, or has power to vote 25 
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percent or more of any class of voting se-
curities of the other entity; 
(ii) the entity controls in any manner 
the election of a majority of the directors 
or trustees of the other entity; or 
(iii) the Secretary determines, after 
notice and opportunity for hearing, that 
the entity directly or indirectly exercises a 
controlling influence over the management 
or policies of the other entity. 
(B) RULE OF CONSTRUCTION.—An entity, 
including any affiliate thereof, does not have 
‘‘control’’ over another entity, if, as of January 
1, 2026, the entity is acting as an attorney-in- 
fact, as defined by the Secretary, for the other 
entity and such other entity is a reciprocal in-
surer, provided that the entity is not, for rea-
sons other than the attorney-in-fact relation-
ship, defined as having ‘‘control’’ under sub-
paragraph (A). 
(3) COVERED EVENT.— 
(A) IN
GENERAL.—The term ‘‘covered 
event’’ means volcanic eruption, severe storm, 
tropical storm, hurricane, earthquake, tsunami, 
fire, tornado, hail, or any other natural disaster 
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not eligible for coverage under the National 
Flood Insurance Program under the National 
Flood Insurance Act of 1968 (42 U.S.C. 4001 
et seq.), that is certified by the Secretary as a 
covered event for purposes of this Act. 
(B) 
NONDELEGATION.—The 
Secretary 
may not delegate or designate to any other offi-
cer, employee, or person, any certification under 
subparagraph (A) of whether, during the effec-
tive period of the Program, a covered event oc-
curs. 
(4) COVERED INSURANCE.—The term ‘‘covered 
insurance’’ means property and casualty insurance 
coverage for a single-family or multifamily residence, 
including homeowners insurance, condominium in-
surance, cooperative insurance, and residential rent-
al insurance. Such term does not include private 
mortgage insurance (as such term is defined in sec-
tion 2 of the Homeowners Protection Act of 1998 
(12 U.S.C. 4901)) or title insurance. 
(5) INSURED LOSS.— 
(A) IN
GENERAL.—The term ‘‘insured 
loss’’ means any loss that— 
(i) results from a covered event; 
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(ii) is covered by covered insurance 
issued by an insurer, regardless of whether 
the insurer is solvent; and 
(iii) occurs within a State. 
(B) INCLUDED AMOUNTS.—Such term in-
cludes the costs of claims investigation, adjust-
ment, litigation, and all other usual costs paid 
by the insurer in connection with coverage for 
covered event. 
(6) INSURER.—The term insurer means any en-
tity, including any affiliate thereof— 
(A) that is— 
(i) licensed or admitted to engage in 
the business of providing primary or excess 
insurance in any State; 
(ii) not licensed or admitted as de-
scribed in clause (i), if it is an eligible sur-
plus line carrier listed on the Quarterly 
Listing of Alien Insurers of the National 
Association of Insurance Commissioners, 
or any successor thereto; 
(iii) approved for the purpose of offer-
ing property and casualty insurance by a 
Federal agency in connection with mari-
time, energy, or aviation activity; or 
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(iv) a State residual market insurance 
entity; 
(B) that receives direct earned premiums 
for covered insurance coverage; and 
(C) that meets any other criteria that the 
Secretary may reasonably prescribe. 
(7) PARTICIPATING STATE.—The term ‘‘partici-
pating State’’ means a State that has elected pursu-
ant to section 2(a)(3) to participate in the Program 
and has not terminated such participation. 
(8) PERSON.—The term ‘‘person’’ means any 
individual, business or nonprofit entity (including 
those organized in the form of a partnership, limited 
liability company, corporation, or association), trust 
or estate, or a State or political subdivision of a 
State or other governmental unit. 
(9) PROGRAM.—The term ‘‘Program’’ means 
the Natural Disaster Risk Reinsurance Program es-
tablished by this Act. 
(10) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
(11) STATE.—The term ‘‘State’’ means any 
State of the United States, the District of Columbia, 
the Commonwealth of Puerto Rico, the Common-
wealth of the Northern Mariana Islands, American 
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