HB 33, 61st 2nd C.S.
Relating to enabling companies offering and selling policies of insurance on property within this State to secure reinsurance under the Federal Reinsurance Program as created by the Federal Urban Property Protection and Reinsurance Act of 1968 by creating a fund to be designated "Riot Reinsurance Reimbursement Fund" to be administered by the State Treasurer subject to certification by the State Board of Insurance; authorizing said Board to make assessments upon certain insurers authorized to do business in this State for amounts necessary to reimburse the Secretary of the Department of Housing and Urban Development; requiring that assessments be proportionate; making provisions for insolvency of insurers; providing for recovery of amounts paid as assessments.
Author: William T. "Bill" Swanson
Subjects:
Insurance--Property & Casualty
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