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Draft Senate bill to extend flood insurance includes national commission

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WASHINGTON—A discussion draft Senate bill aimed at extending and reforming the National Flood Insurance Program calls for establishing a new commission, the National Commission on Natural Catastrophe Risk Management and Insurance.

According to the draft of the Flood Insurance Reform and Modernization Act of 2011, the Senate bill in many ways would follow a reform measure that the House passed last week. For example, the draft bill would extend the NFIP through Sept. 30, 2016.

But the Senate bill also would establish the National Commission on Natural Catastrophe Risk Management and Insurance to examine the risks posed to the United States by natural catastrophes, the means to mitigate those risks, and ways to pay losses caused by natural catastrophes.

2004, 2005 hurricanes

According to a copy of the draft, the commission would do so by, among other things, assessing “the condition of the property and casualty insurance and reinsurance markets prior to and in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the (four) major hurricanes that struck the United States in 2004.”

The commission also would look at the appropriate role, if any, for the federal government in stabilizing property/casualty insurance and reinsurance markets and the role of the federal, state and local government in providing incentives for “feasible risk mitigation efforts.”