PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 389.
Congressional Research Service
Version 00 · Introduced in House · Jan 7, 1997
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.
People & committees
Rep. Lazio, Rick [R-NY-2] · R–NY
Legislative record
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Placed on the Union Calendar, Calendar No. 389.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-687.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-687.
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 12.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Committee Hearings Held.
Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 16 - 6.
Subcommittee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Housing and Community Opportunity.
Referred to the House Committee on Banking and Financial Services.
Sponsor introductory remarks on measure. (CR E66-67)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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