Summary: H.R.846 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.846. Bill summaries are authored by CRS.

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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.