Skip to main content
HR 219 105th Congress House Finance and Financial Sector Commerce Congress Congressional reporting requirements Disaster insurance Earthquake insurance Economics and Public Finance Emergency Management Federal advisory bodies Fire insurance Government Operations and Politics Government liability Government trust funds Housing and Community Development Hurricanes Insurance companies Insurance rates Law Property insurance Reinsurance

Homeowners' Insurance Availability Act of 1998

Introduced: January 7, 1997 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 12 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 7, 1998
Placed on the Union Calendar, Calendar No. 389.
Aug 7, 1998
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-687.
Jul 15, 1998
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 12.
Jul 15, 1998
Committee Consideration and Mark-up Session Held.
Jun 25, 1998
Committee Consideration and Mark-up Session Held.
Apr 23, 1998
Committee Hearings Held.
Feb 4, 1998
Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 16 - 6.
Feb 4, 1998
Subcommittee Consideration and Mark-up Session Held.
Feb 14, 1997
Referred to the Subcommittee on Housing and Community Opportunity.
Jan 7, 1997
Referred to the House Committee on Banking and Financial Services.
Jan 7, 1997
Sponsor introductory remarks on measure. (CR E66-67)
Jan 7, 1997
Introduced in House
 Plain-English summary Congressional Research Service

Homeowners' Insurance Availability Act of 1997 - Directs the Secretary of the Treasury to carry out a program under this Act to make reinsurance coverage available to eligible State insurance programs. Requires that such program shall be designed to improve the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from natural disasters and to improve the solvency of homeowners' insurance markets.

Directs the Secretary to offer reinsurance coverage through contracts with eligible purchasers which shall: (1) provide coverage based solely on insurance industry losses within the State of the eligible purchaser purchasing the contract; (2) not interfere in private markets; and (3) minimize the administrative costs of the Federal Government.

(Sec. 4) Makes the following entities qualified to purchase contracts for reinsurance coverage made available under this Act: (1) State insurance programs; and (2) State reinsurance programs.

(Sec. 5) Sets forth: (1) qualified lines of coverage; (2) covered perils; and (3) terms and conditions of the reinsurance contracts.

(Sec. 9) Establishes, within the Treasury, the Disaster Reinsurance Fund. Specifies: (1) the amounts with which the Fund shall be credited; and (2) the uses of the amounts in the Fund.

(Sec. 10) Directs the Secretary to establish the National Commission on Catastrophe Risks and Insurance Loss Costs. Requires the Commission to meet for the sole purpose of advising the Secretary regarding the estimated loss costs associated with the reinsurance contracts. Authorizes appropriations. Provides for an offset amount to be obtained from purchasers of reinsurance coverage and deposited in the Fund.

(Sec. 11) Mandates a specified report by the Secretary to the Congress.

What's happening now August 7, 1998

Placed on the Union Calendar, Calendar No. 389.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 3