Congress will be back at work this week with a full insurance-related agenda, leading off with debate over the proper federal role in insuring against catastrophic losses, as lawmakers consider bills dealing with both terrorism and natural disasters.
Action will begin Sept. 6 in the House Financial Services Committee, during a hearing before two of its subcommittees on legislation introduced last month–the Homeowners Defense Act of 2007. The bill would allow states to pool catastrophe risks, then transfer them to the private market through the sale of catastrophe bonds or purchase of reinsurance.
The bill would also establish a National Homeowners Insurance Stabilization Program to provide low-interest federal loans to states impacted by severe natural disasters.
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