Urban Property Protection and Reinsurance Amendments

Urban Property Protection and Reinsurance Amendments - Provides for direct insurance of losses to property where insurance is otherwise unavailable or available only at excessively high rates. Provides that direct insurance may be continued for the term of the policies written prior to the date of termination of the Secretary of Housing and Urban Development's direct insurance authority for as long as the insured paid the required direct insurance premiums.

Provides that the amount of insurance provided by the Secretary with respect to any property shall not exceed such limits as he may determine to be appropriate; provided that no coverage shall be written on any single family residential structure in excess of $25,000 or on any manufacturing or commercial structure in excess of $1,000,000.

Authorizes the Secretary to offer to any insurer or pool, reinsurance against losses to habitational property which occur during the construction or rehabilitation of such property.

Requires the Secretary, through an Office of Review and Compliance under the Federal Insurance Administrator, to periodically review each plan under this part and the methods and practices by which such plan is being actually carried out in the areas and communities where it is intended to operate. Provides that such Office is: (1) to assure that such plan is effectively making essential property insurance readily available in carrying out the purposes of this title; and (2) to identify any aspects of the operation or administration of such plan which may require revision, modification, or other action to carry out such purposes.