(1) assess— 
(A) the condition of the property and cas-
ualty insurance and reinsurance markets in the 
aftermath of Hurricanes Katrina, Rita, and 
Wilma in 2005, and the 4 major hurricanes 
that struck the United States in 2004; and 
(B) the ongoing exposure of the United 
States to windstorms, earthquakes, volcanic 
eruptions, tsunamis, and floods; and 
(2) recommend and report, as required under 
section 6, any necessary legislative and regulatory 
changes that will— 
(A) improve the domestic and international 
financial health and competitiveness of such 
markets; and 
(B) assure consumers of the— 
(i) availability of adequate insurance 
coverage when an insured event occurs; 
and 
(ii) best possible range of insurance 
products at competitive prices. 
SEC. 6. REPORT. 
(a) IN GENERAL.—Not later than 90 days after the 
appointment of Commission members under section 4, the 
Commission shall submit to the President and the Con-
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gress a final report containing a detailed statement of its 
findings, together with any recommendations for legisla-
tion or administrative action that the Commission con-
siders appropriate, in accordance with the requirements 
of section 5. 
(b) CONSIDERATIONS.—In developing any rec-
ommendations under subsection (a), the Commission shall 
consider— 
(1) the catastrophic insurance and reinsurance 
market structures and the relevant commercial prac-
tices in such insurance industries in providing insur-
ance protection to different sectors of the American 
population; 
(2) the constraints and opportunities in imple-
menting a catastrophic insurance system that can 
resolve key obstacles currently impeding broader im-
plementation of catastrophe risk management and 
financing with insurance; 
(3) methods to improve risk underwriting prac-
tices, including— 
(A) analysis of modalities of risk transfer 
for potential financial losses; 
(B) assessment of private securitization of 
insurances risks; 
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(C) private-public partnerships to increase 
insurance capacity in constrained markets; and 
(D) the financial feasibility and sustain-
ability of a national catastrophe pool or regional 
catastrophe pools designed to provide adequate 
insurance coverage and increased underwriting 
capacity to insurers and reinsurers; 
(4) approaches for implementing a public insur-
ance scheme for low-income communities, in order to 
promote risk reduction and explicit insurance cov-
erage in such communities; 
(5) methods to strengthen insurance regulatory 
requirements and supervision of such requirements, 
including solvency for catastrophic risk reserves; 
(6) methods to promote public insurance poli-
cies linked to programs for loss reduction in the un-
insured sectors of the American population; 
(7) methods to strengthen the risk assessment 
and enforcement of structural mitigation and vulner-
ability reduction measures, such as zoning and 
building code compliance; 
(8) the appropriate role for the Federal Govern-
ment in stabilizing the property and casualty insur-
ance and reinsurance markets, with an analysis— 
(A) of options such as— 
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(i) a reinsurance mechanism; 
(ii) the modernization of Federal tax-
ation policies; and 
(iii) an ‘‘insurance of last resort’’ 
mechanism; and 
(B) how to fund such options; and 
(9) the merits of the 3 principle legislative pro-
posals introduced in the 109th Congress, namely— 
(A) the creation of a Federal catastrophe 
fund to act as a backup to State catastrophe 
funds, as provided in S. 3117 ; 
(B) tax-deferred catastrophe accounts for 
insurers, as provided in S. 3115; and 
(C) tax-free catastrophe accounts for pol-
icyholders, as provided in S. 3116. 
SEC. 7. POWERS OF THE COMMISSION. 
(a) HEARINGS.—The Commission or, at the direction 
of the Commission, any subcommittee or member of the 
Commission, may, for the purpose of carrying out this 
Act— 
(1) hold such public hearings in such cities and 
countries, sit and act at such times and places, take 
such testimony, receive such evidence, and admin-
ister such oaths or affirmations as the Commission 
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or such subcommittee or member considers advis-
able; and 
(2) require, by subpoena or otherwise, the at-
tendance and testimony of such witnesses and the 
production of such books, records, correspondence, 
memoranda, papers, documents, tapes, and materials 
as the Commission or such subcommittee or member 
considers advisable. 
(b) 
ISSUANCE
AND
ENFORCEMENT
OF
SUB-
POENAS.— 
(1) ISSUANCE.—Subpoenas issued under sub-
section (a) shall bear the signature of the Chair-
person of the Commission and shall be served by any 
person or class of persons designated by the Chair-
person for that purpose. 
(2) ENFORCEMENT.—In the case of contumacy 
or failure to obey a subpoena issued under sub-
section (a), the United States district court for the 
judicial district in which the subpoenaed person re-
sides, is served, or may be found, may issue an order 
requiring such person to appear at any designated 
place to testify or to produce documentary or other 
evidence. Any failure to obey the order of the court 
may be punished by the court as a contempt of that 
court. 
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(3) CONFIDENTIALITY.— 
(A) IN
GENERAL.—Information obtained 
under a subpoena issued under subsection (a) 
which is deemed confidential, or with reference 
to which a request for confidential treatment is 
made by the person furnishing such informa-
tion— 
(i) shall be exempt from disclosure 
under section 552 of title 5, United States 
Code; and 
(ii) shall not be published or disclosed 
unless the Commission determines that the 
withholding of such information is contrary 
to the interest of the United States. 
(B) EXCEPTION.—The requirements of 
subparagraph (A) shall not apply to the publi-
cation or disclosure of any data aggregated in 
a manner that ensures protection of the identity 
of the person furnishing such data. 
(c) AUTHORITY OF MEMBERS OR AGENTS OF THE 
COMMISSION.—Any member or agent of the Commission 
may, if authorized by the Commission, take any action 
which the Commission is authorized to take by this Act. 
(d) OBTAINING OFFICIAL DATA.— 
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(1) AUTHORITY.—Notwithstanding any provi-
sion of section 552a of title 5, United States Code, 
the Commission may secure directly from any de-
partment or agency of the United States any infor-
mation necessary to enable the Commission to carry 
out the purposes of this Act. 
(2) PROCEDURE.—Upon request of the Chair-
person of the Commission, the head of that depart-
ment or agency shall furnish the information re-
quested to the Commission. 
(e) POSTAL SERVICES.—The Commission may use 
the United States mails in the same manner and under 
the same conditions as other departments and agencies of 
the Federal Government. 
(f) ADMINISTRATIVE SUPPORT SERVICES.—Upon the 
request of the Commission, the Administrator of General 
Services shall provide to the Commission, on a reimburs-
able basis, any administrative support services necessary 
for the Commission to carry out its responsibilities under 
this Act. 
(g) GIFTS.— 
(1) IN
GENERAL.—The Commission may ac-
cept, use, and dispose of gifts or donations of serv-
ices or property. 
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(2) REGULATIONS.—The Commission shall 
adopt internal regulations governing the receipt of 
gifts or donations of services or property similar to 
those described in part 2601 of title 5, Code of Fed-
eral Regulations. 
SEC. 8. COMMISSION PERSONNEL MATTERS. 
(a) COMPENSATION OF MEMBERS.—Each member of 
the Commission who is not an officer or employee of the 
Federal Government shall be compensated at a rate equal 
to the daily equivalent of the annual rate of basic pay pre-
scribed for GS–18 of the General Schedule under section 
5332 of title 5, United States Code, for each day (includ-
ing travel time) during which such member is engaged in 
the performance of the duties of the Commission. All 
members of the Commission who are officers or employees 
of the United States shall serve without compensation in 
addition to that received for their services as officers or 
employees of the United States. 
(b) TRAVEL EXPENSES.—The members of the Com-
mission shall be allowed travel expenses, including per 
diem in lieu of subsistence, at rates authorized for employ-
ees of agencies under subchapter I of chapter 57 of title 
5, United States Code, while away from their homes or 
regular places of business in the performance of services 
for the Commission. 
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(c) SUBCOMMITTEES.—The Commission may estab-
lish subcommittees and appoint persons to such sub-
committees as the Commission considers appropriate. 
(d) STAFF.—Subject to such policies as the Commis-
sion may prescribe, the Chairperson of the Commission 
may appoint and fix the pay of such additional personnel 
as the Chairperson considers appropriate to carry out the 
duties of the Commission. 
(e) APPLICABILITY
OF CERTAIN CIVIL SERVICE 
LAWS.—Subcommittee members and staff of the Commis-
sion may be— 
(1) appointed without regard to the provisions 
of title 5, United States Code, governing appoint-
ments in the competitive service; and 
(2) paid without regard to the provisions of 
chapter 51 and subchapter III of chapter 53 of that 
title relating to classification and General Schedule 
pay rates, except that an individual so appointed 
may not receive pay in excess of the annual rate of 
basic pay prescribed for GS–18 of the General 
Schedule under section 5332 of that title. 
(f) EXPERTS AND CONSULTANTS.—In carrying out 
its objectives, the Commission may procure temporary and 
intermittent services of consultants and experts under sec-
tion 3109(b) of title 5, United States Code, at rates for 
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individuals which do not exceed the daily equivalent of the 
annual rate of basic pay prescribed for GS–18 of the Gen-
eral Schedule under section 5332 of that title. 
(g) DETAIL OF GOVERNMENT EMPLOYEES.—Upon 
request of the Chairperson of the Commission, any Fed-
eral Government employee may be detailed to the Commis-
sion to assist in carrying out the duties of the Commis-
sion— 
(1) on a reimbursable basis; and 
(2) such detail shall be without interruption or 
loss of civil service status or privilege. 
SEC. 9. TERMINATION. 
The Commission shall terminate 60 days after the 
date on which the Commission submits its report under 
section 6. 
SEC. 10. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated $5,000,000 
to carry out the purposes of this Act. 
Æ 
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