Natural Disaster Protection Partnership Act of 1994

Natural Disaster Protection Act of 1993 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the Act) to require the Director of the Federal Emergency Management Agency to develop programs to carry out specified multihazard mitigation and emergency management initiatives, including the development of model building codes and other hazard mitigation measures for catastrophic natural disasters, training and research in such areas, hazard mitigation technology, and local emergency response operations. Allows local communities five years after the date of enactment of this Act to comply with multihazard building and safety codes outlined under this Act, after which public assistance funds will be withheld for noncompliance.

Requires the Director to identify States which are prone to damages from hurricanes, windstorms, earthquakes, volcanic eruptions, and flooding (natural disasters), and to designate each State appropriately as hurricane-, windstorm-, earthquake-, volcanic eruption-, or flood-prone. Requires each State so designated to either: (1) adopt the relevant natural disaster hazard mitigation portions of the newest building codes for such State for all new or substantially modified building construction in such State; or (2) certify that the local communities have adopted building codes which meet or exceed such requirements.

Requires each State designated as disaster-prone to either: (1) develop a hazard mitigation plan with accompanying schedules for improving the State's ability to reduce the hazards of future natural disasters; or (2) designate an existing plan which meets such requirements. Requires a completed plan to be submitted to the Director within two years after designation. Outlines State compliance procedures, and imposes penalties for hazard mitigation plan noncompliance.

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. Outlines specified procedures for increased participation in the Federal flood insurance program under the National Flood Insurance Act, 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 Program 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.