Homeowners' Insurance Availability Act of 1998

[AI summary unavailable — showing source text] Homeowners' Insurance Availability Act of 1997 - Directs the Secretary of the Treasury to carry out a program under this Act to make reinsurance coverage available to eligible State insurance programs. Requires that such program shall be designed to improve the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from natural disasters and to improve the solvency of homeowners' insurance markets. Directs the Secretary to offer reinsurance coverage through contracts with eligible purchasers which shall: (1) provide coverage based solely on insurance industry losses within the State of the eligible purchaser purchasing the contract; (2) not interfere in private markets; and (3) minimize the administrative costs of the Federal Government. (Sec. 4) Makes the following entities qualified to purchase contracts for reinsurance coverage made available under this Act: (1) State insurance programs; and (2) State reinsurance programs. (Sec. 5) Sets forth: (1) qualified lines of coverage; (2) covered perils; and (3) terms and conditions of the reinsurance contracts. (Sec. 9) Establishes, within the Treasury,…