Advocacy for international climate insurance program at World Bank

(a) In general The representatives of the United States to the World Bank shall use the voice and vote of the United States to advocate for the establishment of a parametric international climate insurance program that provides immediate financial assistance, in the form of insurance payments, to eligible countries to meet recovery needs following natural disasters. (b) Elements The structure and requirements of the program described in subsection (a) shall be determined by the World Bank, but may include— (1) payments to— (A) small producers and vulnerable sectors affected by natural disasters; and (B) the governments of member countries affected by natural disasters for— (i) program restoration; (ii) disaster cleanup; (iii) climate adaptation; (iv) ecosystem restoration and nature-based solutions; and (v) other recovery efforts; (2) eligibility criteria that are comparable to the eligibility criteria for debt reduction under section 901(b) of the Foreign Assistance Act of 1961, as added by section 2; (3) consideration of the aggregate risk of natural disasters across eligible countries to reduce premiums; and (4) support for existing international climate-related insurance programs such as the Caribbean Catastrophe Risk Insurance Facility. (c) Definitions In this section: (1) Eligible country The term eligible country means— (A) a low income, lower-middle income, or upper-middle income country, as determined by the World Bank; or (B) a small island developing state, as determined by the United Nations. (2) Natural disaster The term natural disaster means any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, tsunami, earthquake, volcanic eruption, landslide, mudslide, snowstorm, drought, fire, or other catastrophe that causes, or may cause, substantial damage or injury to civilian property or persons, ecosystems, or services of ecosystems. (3) World Bank The term World Bank means the following, collectively: (A) The International Bank for Reconstruction and Development. (B) The International Development Association. (C) The International Finance Corporation. (D) The Multilateral Investment Guarantee Agency.