Sec. 3. Establishment; status; principal office; membership
111 words·~1 min read·
/bill/114/hr/1351/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established an entity to be known as the National Catastrophe Risk Consortium (in this Act referred to as the Consortium ). The Consortium is not a department, agency, or instrumentality of the United States Government. The principal office and place of business of the Consortium shall be such location within the United States determined by the Board of Directors to be the most advantageous for carrying out the purpose and functions of the Consortium. Any State that has established a reinsurance fund or has authorized the operation of a State residual insurance market entity, or State-sponsored provider of natural catastrophe insurance, shall be eligible to participate in the Consortium.