H.R.1552 - Homeowners' Insurance Availability Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. Weldon, Dave [R-FL-15] (Introduced 04/01/2003)|
|Committees:||House - Financial Services|
|Latest Action:||04/11/2003 Referred to the Subcommittee on Housing and Community Opportunity. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1552 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (04/01/2003)
Homeowners' Insurance Availability Act of 2003 - 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.