Catastrophic Disaster Risk and Insurance Commission Act of 2006 - Establishes the Catastrophic Disaster Risk and Insurance Commission to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; and (2) the ongoing exposure of the United States to hurricanes, typhoons, earthquakes, volcanic eruptions, tsunamis, floods, wildfires, and other extreme weather events or natural disasters.