Natural Disaster Protection Act of 1993

Natural Disaster Protection Act of 1993 - Amends the Earthquake Hazards Reduction Act of 1977 to require the Director of the Federal Emergency Management Agency to: (1) identify States that are prone to damages from hurricanes, windstorms, earthquakes, volcanic eruptions, tidal waves, and flooding (natural disasters); and (2) designate the appropriate States as hurricane-prone, windstorm-prone, earthquake-prone, volcanic eruption-prone, or flood-prone. Requires the Governor of each State designated as hurricane-, windstorm-, or earthquake-prone to: (1) adopt the relevant natural disaster hazard mitigation portions of the newest building codes for such State for all new and substantially modified building construction in such State; and (2) certify that the local communities have adopted and are enforcing appropriate hazard mitigation building codes. Provides similar procedures for States designated as flood-prone.

Requires each State designated as disaster-prone to develop a hazard mitigation plan with accompanying schedules for improving the State's ability to reduce the hazards of future natural disasters. Requires each State designated as disaster-prone to submit a completed plan to the Director within two years of such designation. Outlines State compliance procedures, and imposes penalties upon States and local communities for hazard mitigation plan noncompliance.

Requires the Director to develop programs to carry out specified multihazard mitigation and emergency initiatives, especially as such initiatives relate to modern building codes, hazard mitigation technology, and emergency response operations.

Establishes the Self-Sustaining Mitigation Fund for Federal and State support of hazard mitigation and emergency management activities, with amounts provided by the Director to each disaster-prone State for appropriate purposes.

Establishes the Natural Disaster Mitigation and Planning Advisory Committee as an independent advisory committee to advise the Director on hazard mitigation and disaster planning, and to review hazard mitigation regulations issued by the Director.

Requires the Director to establish and carry out a national multihazard insurance program (the Primary Insurance Program) to provide insurance against real or personal property loss in any State resulting from an earthquake or volcanic eruption. Requires the Director to evaluate the feasibility of including flood as a covered peril under the Primary Insurance Program. Requires an evaluation report. Outlines specified procedures for increased participation in the Federal flood insurance program under the National Flood Insurance Act of 1968, with a required report. Outlines further provisions with respect to the Primary Insurance Program, including program scope (initially limited to residential housing), terms and limitations, covered hazards, and insurance actuarial rates. Establishes in the Treasury the Primary Insurance Program Fund to carry out such Program. Provides for Fund uses, investments, and disbursements, authorizing the Director, when necessary, to borrow from the Treasury for Fund purposes. Requires the Director, in carrying out the Program, to provide certain insurance mitigation incentives, including the charging of lower premiums for residential property located in disaster-prone States.

Requires the Director to make available to eligible entities excess reinsurance coverage for any direct and indirect losses that arise from a hurricane, earthquake, volcanic eruption, or tsunami (tidal wave). Outlines provisions concerning eligible entities and reinsurance coverage terms, limitations, and obligations, including the covered lines of insurance.

Requires the establishment of actuarially sound rates for such coverage. Establishes in the Treasury the Reinsurance Fund for implementation of such reinsurance coverage.

Requires the Director to develop a plan of operation to ensure the fair, reasonable, and equitable administration of the Primary Insurance Prograrm Fund, the Reinsurance Fund, and other activities outlined in this Act. Establishes the Federal Insurance and Reinsurance Advisory Committee as an independent committee and requires the plan to be submitted to such Committee for review and recommendations. Requires a Committee report.