Aviation Insurance Reauthorization Act of 1997

[AI summary unavailable — showing source text] Aviation Insurance Reauthorization Act of 1997 - Amends Federal aviation law with respect to aviation insurance to require the Secretary of Transportation to determine the reasonable value of an aircraft, for insurance purposes, in accordance with reasonable business practices in the commercial aviation insurance industry. Authorizes the Administrator of the Federal Aviation Administration, upon notification of the Congress, to issue and sell notes or other obligations to the Secretary of the Treasury to carry out Federal aviation insurance and reinsurance programs. Authorizes appropriations for such borrowing authority. Declares that aviation insurance policies issued by the Secretary of Transportation may authorize the binding arbitration of claims made under them. Authorizes the Secretary to pay the amount of any binding arbitration award. Extends Federal aviation insurance and reinsurance programs through FY 2002.…