; and (2) ensure the participation of one individual or representative of an organization that represents consumers, minorities, and low- and moderate-income housing persons by reflecting the communities that are being affected by catastrophic natural disasters. (e) Bylaws The Consortium may prescribe, amend, and repeal such bylaws as necessary to carry out the functions of the Consortium. 102. Functions The Consortium shall— (1) work with States to gather and maintain an inventory of catastrophe risk obligations held by providers of natural catastrophe insurance; (2) assess issues or gaps in the insurance sector of the United States financial system and any related effects on insurance affordability for policyholders; (3) advance consistent, clear, intelligible, comparable, and accurate disclosure of catastrophic risk; (4) submit annual reports to the Congress describing the activities of the Consortium for the preceding year, and the first such annual report shall include an assessment of the costs to States and the regions associated with catastrophe risk; (5) assess the potential for major disruptions of private insurance coverage in United States markets particularly vulnerable to catastrophes; (6) make such other recommendations on how identified financial risk can be mitigated, including through new or revised regulatory standards, as appropriate; and (7) account for and identify disparate impacts of catastrophic risks on disadvantaged communities and communities of color. 103. Authorization of appropriations There are authorized to be appropriated to carry out this title such sums as may be necessary for each of fiscal years 2024 through 2027. II Catastrophe Obligation Guarantees 201. Purposes The purposes of this title are to establish a program— (1) to promote the availability of private capital to provide liquidity and capacity to State catastrophe insurance programs