Fishing Vessel Insurance and Safety Act

Fishing Vessel Insurance and Safety Act - Authorizes the Secretary of Commerce to promulgate voluntary safety standards for the construction, reconstruction, and operation of commercial fishing vessels. Authorizes the Secretary to develop a certification system for determining compliance with these standards.

Provides for the guarantee of loans made to vessel owners for the costs of meeting these standards. Limits the amount of these loans to $15,000,000.

Authorizes the Secretary to guarantee loans to fishermen's marine insurance associations to provide insurance against: (1) damage to, or loss of, commercial fishing vessels; (2) injury or death to crew; or (3) other risks associated with commercial fishery operations. Limits such loans guaranteed to 50 percent of the capital and surplus of the association.

Provides that associations may insure only vessels owned by U.S. citizens who are members of the association. Limits the loan guarantee total to $10,000,000.

States that loans will be guaranteed subject to specified conditions and limitations.

Creates a Loan Guarantee Fund as a revolving fund to carry out the purposes of this Act.

Provides that no applications for loans may be received after June 30, 1981.

Authorizes the Secretary to create a Fishing Vessel Reinsurance Fund to provide a reinsurance service to insurance carriers insuring commercial fishing vessels. Limits reinsurance to 75 percent of the coverage written by the insurer on all fishing vessels. Provides that reinsurance may not exceed $10,000,000.

Authorizes necessary appropriations to carry out the provisions of this Act.