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2002 SESSION

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HB 902 Bureau of Insurance; Catastrophic Event Reinsurance Fund.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Bureau of Insurance; Catastrophic Event Reinsurance Fund. Establishes the Catastrophic Event Reinsurance Fund to be administered by the Bureau of Insurance. The bill defines catastrophic event as either (i) a man-made disaster including any condition following an attack by any enemy or foreign nation upon the United States resulting in substantial damage of property or injury to persons in the United States and may be by use of bombs, missiles, shell fire, nuclear, radiological, chemical or biological means or other weapons or by overt paramilitary actions; terrorism, foreign and domestic, or (ii) a natural disaster including any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, earthquake, drought, fire or other natural catastrophe resulting in damage, hardship, suffering or possible loss of life. The Fund will include moneys received from premiums paid by subscribing insurance companies. The Bureau is directed to establish guidelines for administration of the Fund.


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