H.R. 1552 · 108th Congress
Homeowners' Insurance Availability Act of 2003
- Stage
- In committee
- Sponsor
- Dave Weldon
- Introduced
- 2003-04-01
- Latest action
- 2003-04-11 · Referred to the Subcommittee on Housing and Community Opportunity.
Summary
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.