Commission on Natural Disaster Risk Management and Insurance Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill establishes a nonpartisan Commission on Natural Disaster Risk Management and Insurance to assess the risks and financial costs associated with natural disasters across the United States. The Commission will examine insurance affordability, government assistance programs, and mitigation efforts, and consult with various stakeholders including insurers, federal agencies, and state insurance commissioners. It aims to provide recommendations for legislative and regulatory action to improve disaster preparedness and response.
Key provisions
- Establishes an independent Commission on Natural Disaster Risk Management and Insurance.
- The Commission will be composed of members with expertise in insurance, disaster response, finance, and related fields, appointed by various congressional leaders and state insurance commissioners.
- The Commission is tasked with assessing risks, costs, and mitigation efforts related to natural disasters.
- It must coordinate with state insurance commissioners and consult with relevant federal agencies.
- The Commission will submit a report to Congress within two years outlining its findings and recommendations.
- The Commission may enter into information-sharing agreements with government entities, excluding personal identifiable information.
- Members of the Commission serve without pay.
- The Commission can receive gifts only with specific authorization.
Who is affected
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5 on record
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