; (3) such disasters present physical risk to assets, publicly traded securities, private investments, and companies; (4) as the risk of catastrophe losses grows, so do the risks that any premiums collected by private insurers for extending coverage will be insufficient to cover future catastrophes, and private insurers, to protect their shareholders and policyholders (in the case of mutually owned companies), have thus significantly raised premiums and curtailed insurance coverage in States exposed to major catastrophes; (5) such effects on the insurance industry have been harmful to economic activity in States exposed to major catastrophes and have placed significant burdens on residents of such States and the Federal Government; and (6) under the current disaster risk management system, the Federal Government and, hence, taxpayers pay for rebuilding through government grants and low-interest loans. (b) Purposes The purposes of this Act are to establish a program to provide Federal support for State-sponsored insurance programs to help homeowners prepare for and recover from the damages caused by natural catastrophes, to encourage mitigation and prevention for such catastrophes, to promote the use of private market capital as a means to insure against such catastrophes, to expedite the payment of claims and better assist in the financial recovery from such catastrophes. I National Catastrophe Risk Consortium 101. Establishment; chairperson; membership; bylaws (a) Establishment There is established an entity to be known as the National Catastrophe Risk Consortium (in this title referred to as the Consortium ). (b) Chairperson The Secretary of the Treasury, or the designee of the Secretary, shall serve as the chairperson of the Consortium. (c) Membership Any State shall be eligible to participate in the Consortium. (d) Considerations In selecting members of the Consortium, the States shall— (1) select members who have a background and expertise relevant to the functions of the Consortium