Natural Disaster Risk Reinsurance Program Act

HR 6274 establishes a voluntary federal reinsurance program administered by the Treasury Department to protect insurers from insolvency after major natural disasters. Participating states receive federal payments when insured losses from covered events (like hurricanes or earthquakes) exceed a state-specific "trigger amount," calculated based on insurance premiums and modeled disaster risks. States must repay these funds within 10 years, with payments distributed to insurers based on their losses and market share. The program covers property/casualty insurance for homes (e.g., homeowners, renters), excluding flood insurance, and applies to policies renewed after a state joins the program.