Summary: H.R.4025 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.4025. Bill summaries are authored by CRS.

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Introduced in House (03/20/2002)

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.

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.