BONDS: Authorizes the issuance of catastrophe bonds for the Catastrophe Reinsurance Program (OR SEE FISC NOTE SG EX)

HB 672 establishes the Catastrophe Reinsurance Program in Louisiana to offer an alternative method for insurance companies to secure reinsurance for natural disaster losses. This program aims to stabilize and make homeowner's insurance more affordable for residents, especially in high-risk areas. The bill authorizes the State Bond Commission to issue "catastrophe bonds" to fund the program. These bonds will be repaid through fees or assessments imposed on insurance policies. Participating insurance companies will be required to offer more homeowner's insurance policies in high-risk areas at reduced premiums.