LA HB672

Establishes the Catastrophe Reinsurance Program to provide insurance companies an alternative method to secure reinsurance for hurricane and natural disaster losses, aiming to reduce homeowner insurance premiums in high-risk areas

Authorizes the State Bond Commission to issue catastrophe bonds funded by fees and assessments on insurance policies, with proceeds deposited into a new Catastrophe Reinsurance Program Fund in the state treasury

Catastrophe bonds are classified as revenue bonds that do not pledge the full faith and credit of the state and are excluded from "net state tax supported debt" calculations

Exempts the bonds, their transfer, and income from all state and local taxation, and declares them legal investments for banks, insurance companies, and other fiduciaries

Provides a 30-day contestation period after publication of intent to issue bonds, after which bond legality becomes incontestable; program terminates when all bonds are paid in full