National Catastrophic Disaster Insurance Act

States that it is the purpose of this Act to establish a program of Federal insurance against catastrophic natural disasters and other catastrophic disasters. Sets forth definitions of terms used in this Act.

Establishes the Office of Federal Disaster Insurance within the Department of Housing and Urban Development which shall be under the direction of an Assistant Insurance Administrator for Disaster Insurance. Provides that the Secretary of Housing and Urban Development shall carry out all of his functions and duties under this Act through the Administrator.

Directs the Secretary to establish and carry out a program of Federal catastrophic disaster insurance in accordance with the provisions of this Act. Requires the Secretary to submit an annual report of his activities under this Act to the President for transmission to the Congress.

Provides that the Secretary shall determine and specify the premium surcharge which shall be imposed on specified types of property and liability insurance. States that all premium surcharges imposed will be used for operating and capital expenses under this Act.

Specifies the terms, limitations and coverage of insurance issued under this Act. Provides that each property insurance policy now in effect shall be endorsed to extend coverage to catastrophic disasters as specified by the Secretary.

Provides that the States and municipalities are to be consulted by the Administrator regarding the particular kinds of disasters to be covered under the act; the nature of and limits of loss or damage to be covered; zoning and other land use provisions; and other similar matters.

States that no catastrophic disaster insurance is to be made available for any property failing to meet land use regulations designed to restrict land development or occupancy in disaster-prone areas.

Provides that the Secretary determines that private insurance companies established a catastrophic disaster insurance program before June 30, 1975, the Federal program established by this legislation would be terminated.

Makes the benefits under this Act retroactive to June 1, 1972.