Sec. 100247. FIO STUDY ON RISKS, HAZARDS, AND INSURANCE

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## SEC. 100247 FIO STUDY ON RISKS, HAZARDS, AND INSURANCE ###

(a)In General Not later than 1 year after the date of enactment of this Act, the Director of the Federal Insurance Office shall conduct a study and submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report providing an assessment of the current state of the market for natural catastrophe insurance in the United States. ###

(b)Factors The study and report required under subsection

(a)shall assess— ####

(1)the current condition of, as well as the outlook for, the availability and affordability of insurance for natural catastrophe perils in all regions of the United States; ####

(2)the current ability of States, communities, and individuals to mitigate their natural catastrophe risks, including the affordability and feasibility of such mitigation activities; ####

(3)the current state of catastrophic insurance and reinsurance markets and the current approaches in providing insurance protection to different sectors of the population of the United States; ####

(4)the current financial condition of State residual markets and catastrophe funds in high-risk regions, including the likelihood of insolvency following a natural catastrophe, the concentration of risks within such funds, the reliance on post-event assessments and State funding, and the adequacy of rates; and ####

(5)the current role of the Federal Government and State and local governments in providing incentives for feasible risk mitigation efforts and the cost of providing post-natural catastrophe aid in the absence of insurance. ###

(c)Additional Factors The study and report required under subsection

(a)shall also contain an assessment of current approaches to insuring natural catastrophe risks in the United States and such other information as the Director of the Federal Insurance Office determines necessary or appropriate. ###

(d)Consultation In carrying out the study and report under subsection (a), the Director of the Federal Insurance Office shall consult with the National Academy of Sciences, State insurance regulators, consumer organizations, representatives of the insurance and reinsurance industry, policyholders, and other organizations and experts, as appropriate.