Federal Earthquake Insurance and Reinsurance Act

[AI summary unavailable — showing source text] Federal Earthquake Insurance and Reinsurance Act - Creates the Federal Earthquake Insurance and Reinsurance Corporation to make available: (1) earthquake and volcanic eruption insurance for residential property; and (2) property and casualty excess reinsurance for private insurers and private reinsurers for losses associated with earthquake or volcanic eruption. Makes the Corporation, its Residential Property Insurance Fund, its Reinsurance Fund, and its activities, property, and income exempt from all taxation, subject to exception. Directs the Corporation to develop a practical, cost-effective, and workable plan of earthquake loss mitigation.…