The "Incorporating National Support for Unprecedented Risks and Emergencies Act," or INSURE Act, mandates the Secretary of the Treasury to establish a catastrophic property loss reinsurance program within four years. This program aims to provide reinsurance for qualifying primary insurance companies, helping them cover significant losses from natural disasters.

To participate, insurers must offer all-perils property insurance policies, which will gradually include coverage for wind, hurricane, severe convective storm, wildfire, and flood, with earthquake coverage contingent on a future report. Additionally, participating insurers must offer loss prevention partnerships with policyholders to encourage investments that reduce insured and economic losses from catastrophes.

The program will be supported by the Federal Catastrophe Reinsurance Fund, into which participating insurers will pay quarterly premiums. These premiums are calculated based on expected average annual losses and administrative costs, with a minimum premium requirement. If the Fund is insufficient, the Secretary can issue federally guaranteed notes and bonds.

The Secretary will establish a financial threshold, not exceeding 40 percent of a participating insurer's probable maximum loss, at which they can receive payments from the Fund. An advisory committee, comprising diverse stakeholders including consumer organizations, insurers, regulators, and government agencies, will guide the Secretary in designing and managing the program, including developing qualifying loss prevention activities.

The bill also requires the Secretary to establish a statistical plan for quarterly data collection from participating insurers on policy-level claim transactions. This anonymized data will be shared with various federal and state entities to assess financial stability risks and promote competitive insurance markets, and will also be made publicly available online.

Furthermore, the INSURE Act directs the Secretary to establish a long-term policy pilot program for multi-year all-perils property insurance policies. This pilot allows for premium adjustments based on construction costs and home value, but not changes in catastrophe risk assessment, and requires property maintenance and loss mitigation investments.