The bill, House Memorial HM 4003, urges the United States Congress to establish a federal catastrophe risk pool aimed at spreading the risk associated with natural disasters and reducing property insurance premiums. The memorial highlights the increasing frequency and severity of catastrophic events, such as hurricanes, which have led to significant financial losses and rising insurance costs, particularly in Florida. It notes the challenges faced by residents due to the insolvency of multiple insurance companies and the growing reliance on Citizens Property Insurance Corporation, which is seeking a rate increase to mitigate its financial vulnerability.

The memorial emphasizes the need for federal support, as states currently lack sufficient funding to cover insurance losses from federally declared disasters. It calls for a coordinated effort to provide financial relief to residents and insurance companies affected by natural disasters, thereby addressing the ongoing crisis in property insurance affordability. The resolution concludes with a directive for the Secretary of State to send copies of the memorial to key federal officials and members of Florida's congressional delegation.