Federal Medical Malpractice Insurance Act

Federal Medical Malpractice Insurance Act - Authorizes the Secretary of Health, Education, and Welfare to offer to any insurer or pool reinsurance against liability for damages resulting from acts of medical malpractice.

States that, in carrying out the medical malpractice reinsurance program authorized by this Act, the Secretary shall arrange for: (1) appropriate financial participation and risk sharing in the reinsurance program by insurance companies or other insurers; and (2) other appropriate participation on other than a risk-sharing basis by insurance companies or other insurers, insurance agents and brokers, and insurance adjustment organizations.

Directs the Secretary to make reinsurance available in such amounts as he determines to be necessary, based upon actuarial studies, but to make available initially such insurance in amounts in excess of $25,000.

Provides that in establishing the rates for coverages, the Secretary shall consult with State insurance authorities and other knowledgeable persons and is authorized to take into consideration the nature and degree of the risks involved, the extent of anticipated losses and other enumerated factors.

Requires the Secretary to report annually to the President and the Congress on his operations and activities under this Act together with such recommendations as may be appropriate.

Authorizes the Secretary to establish a National Medical Malpractice Reinsurance Development Fund to make such payments as may be required to carry out the purposes of this Act.

Establishes a Federal Medical Malpractice Reinsurance Advisory Board to review general policies and advise the Secretary.