Disaster Insurance Act

Summary

Prohibits any officer or agency of the United States from making any grant or loan, or providing assistance in the form of mortgage insurance or loan guaranty to aid in the purchase, construction, rehabilitation, or maintenance of residential real property which is designed principally for the occupancy of from one to four families or of nonresidential property which is owned or leased and operated by one or more small businesses, unless the property involved is or will upon completion be covered. Establishes a Disaster Insurance Corporation to encourage private insurance companies to provide insurance against catastrophic losses, and to reinsure such companies against abnormally high losses resulting from the provision of such insurance. Stipulates that if at any time catastrophic insurance is unavailable from private industry, the Corporation shall provide such insurance through the facilities of the Federal Government. Establishes in the Treasury of the United States a fund to be used by the Corporation for its operating and capital expenses under this Act. Authorizes appropriations not to exceed $100,000,000 to capitalize such fund.

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1 official file

• Introduced in House

  summary · EN · 8 March 1977

  Open at official source

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