To establish a Federal program to provide reinsurance to improve the availability of homeowners' insurance.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
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