US HB4504

Secretary of the Treasury must establish a federal catastrophic property loss reinsurance program within 4 years to provide backup insurance coverage to primary insurers offering all-perils property policies covering wind, hurricane, wildfire, severe convective storm, flood, and potentially earthquake

Participating insurers must offer all-perils property insurance policies and loss prevention partnerships with policyholders; payment threshold set at no more than 40% of an insurer's probable maximum loss for each catastrophe peril

Federal Catastrophe Reinsurance Fund established to hold and invest premiums from participating insurers; Treasury may issue U.S.-guaranteed notes and bonds if fund is insufficient to pay obligations

Advisory committee of 25+ members created including consumer advocates, insurers, reinsurers, state regulators, legislators, federal agency representatives, and Financial Stability Oversight Council to advise on program design

Pilot program established for multi-year (minimum 5-year) all-perils property insurance policies that restrict premium increases based on changed risk assessments while allowing adjustments for construction costs and home value changes