A bill to amend the Internal Revenue Code of 1986 to provide equitable treatment for associations which prepare for or mitigate the effects of natural disasters.

Amends the Internal Revenue Code to add to the list of 501(c) organizations (tax-exempt organizations) any nonprofit association created before January 1, 1999, by State law and organized and operated exclusively to provide property and casualty insurance coverage for losses occurring due to the effect of natural catastrophic events for property located within the State for which the State has determined that coverage in the authorized insurance market is limited or unavailable at reasonable rates.