H.R.846 - Homeowners' Insurance Availability Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Brown-Waite, Ginny [R-FL-5] (Introduced 02/16/2005)|
|Committees:||House - Financial Services|
|Latest Action:||03/21/2005 Referred to the Subcommittee on Housing and Community Opportunity. (All Actions)|
This bill has the status Introduced
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Summary: H.R.846 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (02/16/2005)
Homeowners' Insurance Availability Act of 2005 - 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.