WASHINGTON–Two Florida congressmen opened the new 110th Congress late yesterday by introducing legislation that would establish a federal reinsurance catastrophic fund as a federal backstop for future natural disasters.
The Homeowners' Insurance Protection Act of 2007 was introduced by Florida Republican Reps. Ginny Brown-Waite and Vern Buchanan. Mr. Buchanan holds his seat now on a provisional basis while Democrats contest his election.
The Brown-Waite Buchanan bill would create a federal catastrophic reinsurance fund, which state catastrophe funds would contribute to, so that the federal taxpayers would no longer be forced to foot the bill for natural disasters, they explained. Rep. Brown-Waite has introduced such legislation in the past.
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