A bill to amend the Fish and Wildlife Act of 1956 to authorize the Secretary of Commerce to make loans to associations of fishing vessel owners and operators organized to provide insurance against the damage or loss of fishing vessels or the injury or death of fishing crews and for other purposes.

Summary

Authorizes the Secretary of Commerce to make loans to any fishermen's association after consultation with appropriate State authorities to enable such association to carry out its insurance operations, if such association satisfies the Secretary that it has implemented, or will implement within sixty days after receipt of a loan under this Act, a comprehensive program under which vessel owners participating in such association will (1) make such vessel repairs and modifications; (2) implement such vessel operational procedures; and (3) undertake such training or retraining of vessel crews as may be necessary to meet the vessel safety standards which are established by a qualified marine surveyor or a qualified naval architect who is acceptable to both the Secretary and the association; and approved by the Secretary after consultation by him with the Secretary of the department within which the Coast Guard is operating. Provides that such loans shall not exceed an amount equal to 75 percent of the amount of the capital, surplus, and other assets of such association. Sets forth the conditions and terms relating to such loans. Establishes a Fishermen's Association Insurance Loan Fund, which shall be used by the Secretary as a revolving fund to make loans under this Act. Provides that any funds received by the Secretary in payment of principal or interest on any loan shall be deposited in the Loan Fund and be available for making additional loans. Authorizes appropriations of $3,000,000 to the Loan Fund to provide initial capital. Provides that the Secretary may establish and administer a Fishing Vessel Reinsurance Fund, for the purpose of providing a reinsurance service to: (1) any insurance carrier, which is organized under the laws of any State and which insures commercial fishing vessels documented under the laws of the United States; or (2) any fishermen's association. Stipulates that such reinsurance service shall be limited to hull and protection and indemnity coverage for such commercial fishing vessels. Authorizes appropriations of $2,000,000 to the Reinsurance Fund to provide initial capital. (Amends 16 U. S. C. 742c)

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1 official file

• Introduced in House

  summary · EN · 28 January 1975

  Open at official source

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