Legislation establishing a national catastrophe fund has again been introduced in the House, and has again drawn the ire of perennial critics.
The legislation is known derisively amongst critics, including the reinsurance industry, as constituting a "Beach House Bailout."
H.R. 1101 was introduced in the House by Rep. Albio Sires, D-N.J., obviously in response to Superstorm Sandy, which did major damage to coastal areas in New York, New Jersey and Connecticut.
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