Homeowners' Defense Act Clears US House Panel

Law360, New York (April 28, 2010, 5:58 PM EDT) -- The House Financial Services Committee has passed legislation to create a massive federal reinsurance fund to back up losses from catastrophic natural disasters in an attempt to bring down premiums for homeowners.

The committee voted 39-26 Tuesday to pass the Homeowners' Defense Act, sending the bill to the U.S. House of Representatives for full consideration “in the coming months,” according to bill sponsor Rep. Ron Klein, D-Fla.

H.R. 2555 proposes to create a national catastrophe risk consortium that would allow states to combine catastrophe risk and...
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