Federal Disaster Insurance Act

[AI summary unavailable — showing source text] Federal Disaster Insurance Act - Creates, as an independent establishment in the Executive branch, the Federal Disaster Insurance Corporation to provide every citizen and resident of the United States who makes an application and qualifies in accordance with the regulations set forth by this Act with insurance against damage to or loss of property due to natural disaster. Declares that such insurance shall be evidenced by written policies and may be issued to and purchased by any person having an insurable interest. Declares that the Corporation shall have a capital stock of $1,000,000,000 which shall be subscribed by the Secretary of the Treasury. Authorizes appropriations. Establishes in the Treasury of the United States a National Disaster Insurance Fund which shall be available to the Corporation without fiscal year limitation. Credits the fund with: (1) the proceeds from the stock; (2) premiums, fees, and other charges paid or collected in connection with disaster insurance; and (3) amounts from the National Flood Insurance Fund not needed for the liquidation of the flood insurance program. Directs the General Accounting Office to audit annually the operations and transactions…