To amend title XII of the National Housing Act to establish a national property reinsurance program to ensure the availability and affordability of property insurance in underserved areas.
National Property Reinsurance Act - Amends the National Housing Act to extend program authority for: (1) State plans to assure fair insurance access (FAIR plans); (2) property reinsurance; (3) burglary and theft insurance; and (4) claims.
Requires the Director of the Federal Emergency Management Agency to designate underserved areas for FAIR plan purposes.
Replaces the existing program of reinsurance of losses from riots or civil disorders with a national property reinsurance program. Limits coverage to underserved areas in States with FAIR plans. Sets forth program provisions.
Establishes in the Treasury the National Property Reinsurance Fund.
Reestablishes the Advisory Board.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
Referred to the Subcommittee on Consumer Credit and Insurance.
Subcommittee Hearings Held.
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