Page:United States Statutes at Large Volume 82.djvu/598

 556

PUBLIC LAW 90-448-AUG. 1, 1968

[82 STAT.

against riot and civil commotion damage will be available to property owners at reasonable cost. (b) The purposes of this title are, therefore, to (1) encourage and assist the various State insurance authorities and the property insurance industry to develop and carry out statewide programs which will make necessary property insurance coverage against the fire, crime, and other perils more readily available for residential, business, and other properties meeting reasonable underwriting standards; and (2) provide a Federal program of reinsurance against abnormally high property insurance losses resulting from riots and other civil commotion, placing appropriate financial responsibility upon the States to share in such losses. AMENDMENT OF THE NATIONAL HOUSING ACT

SEC. 1103. The National Housing Act is amended by adding at the end thereof the following new title: "TITLE XII—NATIONAL INSURANCE DEVELOPMENT PROGRAM "PROGRAM AUTHORITY

^°^'^^pp 558,

560, 563.

Rj'P°'"t t° Congress

"SEC. 1201. (a) The Secretary is authorized to establish and carry out the programs provided for in parts A, B, and C of this title. " (b)(1) The powers of the Secretary under this title shall terminate on April 30, 1973, except to the extent necessary— " (A) to continue reinsurance in accordance with the provisions of section 1223(b) until April 30, 1976; " (B) to process, verify, and pay claims for reinsured losses and perform other necessary functions in connection therewith; and " (C) to complete the liquidation and termination of the reinsurance program. "(2) On April 30, 1976, or as soon thereafter as possible, the Secretary shall submit to the Congress, for its approval, a plan for the liquidation and termination of the reinsurance program. "ADVISORY BOARD; MEETINGS, DUTIES, COMPENSATION, AND EXPENSES

"SEC. 1202. (a)(1) There is established an Advisory Board (hereinafter called the 'Board') consisting of nineteen members appointed by the Secretary. Members of the Board shall be selected from among representatives of the ^ n e r a l public, the insurance industry, State and local governments including State insurance authorities, and the Federal Government. Of these members of the Board, not more than six shall be regular full-time employees of the Federal Government, and not less than four shall be representatives of the private insurance industry and not less than four shall be representatives of State insurance authorities. "(2) The Secretary shall designate a Chairman and a Vice Chairman of the Board. "(3) Each member shall serve for a term of two years or until his successor has been appointed, except that no person who is appointed while a full-time employee of a State or the Federal Government shall serve in such position after he ceases to be so employed, unless he is reappointed. " (4) Any member appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of that term.

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