1. Short title This Act may be cited as the Natural Disaster Risk Reinsurance Program Act of 2023 . 2. Natural Disaster Risk Reinsurance Program (a) Establishment of program (1) In general There is established in the Department of the Treasury the Natural Disaster Risk Reinsurance Program, which shall apply only to covered events occurring on or after January 1, 2024. (2) Goal The goal of the Program shall be to protect insurers from insolvency resulting from covered events of a significant magnitude in a manner that provides for affordability of coverage in the marketplace for losses from such covered events. (3) Authority of Secretary Notwithstanding any other provision of State or Federal law, the Secretary shall administer the Program, in consultation with the Director of the Federal Insurance Office, and shall make payments to States in accordance with subsection (b) to cover insured losses. (4) Voluntary participation (A) In general Participation in the Program shall be voluntary on the part of a State, subject to the requirements under paragraph (4). (B) Election The Secretary shall provide a procedure by which States may elect to participate in the Program. (C) Termination of participation The Secretary shall provide a procedure by which States may elect to terminate participation in the Program, which shall require advance notice to the Secretary of not less than 180 days before such termination is effective. (5) Required State plan To be eligible to participate in the Program a State shall have in effect a plan, approved by the Secretary, that provides such assurances to the Secretary as the Secretary considers necessary— (A) to ensure that insurers will cover claims for insured losses occurring in the State during the participation of the State in the Program not exceeding the trigger amount for the State under subsection (b)(2)