Federal Insurance Act

[AI summary unavailable — showing source text] Federal Insurance Act - Title I: Federal Insurance Guaranty Program - Establishes a Federal Insurance Commission as an independent agency in the executive branch. Creates an Advisory Committee to review the policies and procedures of the Commission; and assist in obtaining the cooperation of insurers and Federal and State agencies in carrying out the purposes of this Act. Transfers to the Commission certain powers and duties conferred upon the Secretary of Housing and Urban Development with respect to specified Federal insurance programs. Creates a Federal insurance guaranty program to establish uniform standards for guaranty status of private insurers, and maximize the efficient utilization of the capabilities of such insurers in the discharge of policy obligations in the event of insolvency. Establishes a Federal Insurance Guaranty Fund containing fees paid by companies whose obligations are guaranteed by the Commission, the proceeds of certain notes issued by the Commission to cover losses, and receipts from any other sources. Directs the Commission to collect from each insurer guaranteed under this Act an annual fee based on net direct premiums. Authorizes the Commission to iss…