Federal Disaster Insurance Act

Summary

Federal Disaster Insurance Act - Creates a body corporate to be known as the Federal Disaster Insurance Corporation which shall be an independent establishment in the executive branch of the Government. Provides that the management of the Corporation shall be vested in a board of directors, which shall consists of nine members appointed by the President by and with the advice and consent of the Senate. Defines the term "natural disaster" as meaning any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, earthquake, drought, fire, avalanche, landslide, or other catastrophe in any part of the United States which is determined by the President to be a major disaster for purposes of the Disaster Relief Act of 1970, or which is otherwise determined by the Federal Disaster Insurance Corporation to be actually or potentially of sufficient severity and magnitude to warrant coverage under insurance made available pursuant to this Act. Provides that the Corporation shall have a capital stock of $1,000,000,000 which shall be subscribed to by the Secretary of the Treasury on behalf of the United States. Provides that payment upon such subscription shall be subject to call in whole or in part at any time by the board of directors of the Corporation. Authorizes to be appropriated, out of money in the Treasury not otherwise appropriated, the sum of $1,000,000,000 which shall be available for payment by the Secretary of the Treasury for capital stock of the Corporation. Directs the Corporation to carry out the purpose of this Act by providing, to any citizen or resident of the United States who makes application therefor and qualifies in accordance with this Act, insurance against damage to or loss of property due to natural disaster. Creates in the Treasury of the United States a National Disaster Insurance Fund which shall be available to the Corporation without fiscal year limitation: (1) for making such payments of insurance as may from time to time be required under this Act; (2) to redeem stock issued under this Act; and (3) to pay the administrative expenses of carrying out the program, including the costs of processing applications and servicing claims.

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1 official file

• Introduced in House

  summary · EN · 20 June 1973

  Open at official source

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