Federal Disaster Insurance Act

[AI summary unavailable — showing source text] Federal Disaster Insurance Act - Creates a body corporate to be known as the Federal Disaster Insurance Corporation which shall be an independent establishment in the executive branch of the Government. Provides that the management of the Corporation shall be vested in a board of directors, which shall consists of nine members appointed by the President by and with the advice and consent of the Senate. Defines the term "natural disaster" as meaning any hurricane, tornado, storm, flood, high water, wind-driven water, tidal wave, earthquake, drought, fire, avalanche, landslide, or other catastrophe in any part of the United States which is determined by the President to be a major disaster for purposes of the Disaster Relief Act of 1970, or which is otherwise determined by the Federal Disaster Insurance Corporation to be actually or potentially of sufficient severity and magnitude to warrant coverage under insurance made available pursuant to this Act. Provides that the Corporation shall have a capital stock of $1,000,000,000 which shall be subscribed to by the Secretary of the Treasury on behalf of the United States. Provides that payment upon such subscription shall be subject to c…