This bill establishes an independent, nonpartisan Commission on Natural Disaster Risk Management and Insurance , comprising 26 members with expertise in fields such as insurance, emergency management, and finance. These members, appointed by congressional leaders and committee chairs, along with State insurance commissioners, will serve without pay and are primarily from outside government. The Commission's primary duty is to comprehensively assess the risks and financial costs of natural disasters across the United States. This includes evaluating current disaster exposure, demographic trends, and the effectiveness of mitigation efforts, alongside the availability and affordability of property and casualty insurance. It will also analyze the impact of federal and state laws on insurance markets, the financial condition of State residual markets, and the capacity of the private insurance market to cover losses. Additionally, the Commission will examine various risk-sharing mechanisms, including private insurance, reinsurance, and catastrophe bonds, and explore how financial innovation can improve disaster risk management. It will consider the appropriate role of the federal government in stabilizing markets after catastrophic events, address the unique needs of low-income communities for risk reduction and insurance, and coordinate with State insurance commissioners, federal agencies, and public stakeholders. Within two years of enactment, the Commission is required to submit a report containing its detailed findings, assessments, and recommendations for legislative, regulatory, or administrative actions at federal, state, or local levels. The Commission will terminate 90 days after the submission of this final report.