H.R.4025 - Homeowners' Insurance Availability Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Weldon, Dave [R-FL-15] (Introduced 03/20/2002)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/15/2002 Referred to the Subcommittee on Housing and Community Opportunity. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4025 — 107th Congress (2001-2002)All Information (Except Text)
Homeowners' Insurance Availability Act of 2002 - Instructs the Secretary of the Treasury to implement a reinsurance coverage program available only through contracts for reinsurance coverage purchased at regional auctions.
Introduced in House (03/20/2002)
States that the purpose of the program is to improve: (1) the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from disasters; and (2) the solvency of the homeowners' insurance markets.
Prescribes implementation guidelines that include establishment: (1) in the Treasury of the Disaster Reinsurance Fund; and (2) of a National Commission on Catastrophe Risks and Insurance Loss Costs.