Federal Natural Catastrophe Reinsurance Fund

(a) Establishment There is established within the Treasury of the United States a fund to be known as the Federal Natural Catastrophe Reinsurance Fund (in this section referred to as the Fund). (b) Credits The Fund shall be credited with— (1) amounts received annually from the sale of contracts for reinsurance coverage under this title; (2) any amounts appropriated for the aggregate potential liability for payment of claims under all contracts for reinsurance coverage under this title; and (3) any amounts earned on investments of the Fund pursuant to subsection (d). (c) Uses Amounts in the Fund shall be available to the Secretary only for the following purposes: (1) Contract payments For payments to purchasers covered under contracts for reinsurance coverage for eligible losses under such contracts. (2) Administrative expenses To pay for the administrative expenses incurred by the Secretary in carrying out the reinsurance program under this title. (3) Outwards reinsurance To obtain retrocessional or other reinsurance coverage of any kind to cover risk reinsured under contracts for reinsurance coverage made available under this title. (d) Investment The Secretary shall invest such amounts in the Fund as the Secretary considers advisable in obligations issued or guaranteed by the United States. For purposes of the grant mandate in section 401(f) for a fiscal year, the Secretary shall disclose the annual net investment income available not later than 60 days after the conclusion of such fiscal year and disperse appropriate funds not later than 90 days after the conclusion of such fiscal year.