insurance that compensates the insured for a portion 
of 180 days’ fixed costs and payroll, as more specifi-
cally provided by regulations issued by the Sec-
retary, which is triggered irrespective of physical 
status or condition of the insured physical location 
and without need for specific proof of loss upon the 
following conditions— 
(A) a certification of covered public health 
emergency; and 
(B) the State or local government in which 
the insured operates has issued a closure order 
applicable to organizations with the policy-
holder’s NAICS code. 
(15) 
PARTICIPATING
INSURER.—The 
term 
‘‘participating insurer’’ means, with respect to a cal-
endar year, an insurer that has elected pursuant to 
section 4(c)(2)(B) to participate in the parametric 
insurance facility under this Act for such calendar 
year. 
(16) PERSON.—The term ‘‘person’’ means any 
individual, business or nonprofit entity (including 
those organized in the form of a partnership, limited 
liability company, corporation, or association), trust 
or estate, or a State or political subdivision of a 
State or other governmental unit. 
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(17) PROGRAM.—The term ‘‘Program’’ means 
the Pandemic Risk Reinsurance Program established 
by this Act. 
(18) PROPERTY AND CASUALTY INSURANCE.— 
The term ‘‘property and casualty insurance’’— 
(A) means commercial lines of property 
and casualty insurance, including excess insur-
ance, workers’ compensation insurance, busi-
ness interruption insurance, commercial general 
liability insurance, directors and officers liabil-
ity insurance, and event cancellation insurance; 
and 
(B) does not include— 
(i) Federal crop insurance issued or 
reinsured under the Federal Crop Insur-
ance Act (7 U.S.C. 1501 et seq.), or any 
other type of crop or livestock insurance 
that is privately issued or reinsured; 
(ii) private mortgage insurance (as 
such term is defined in section 2 of the 
Homeowners Protection Act of 1998 (12 
U.S.C. 4901)) or title insurance; 
(iii) 
financial 
guaranty 
insurance 
issued by monoline financial guaranty in-
surance corporations; 
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(iv) health or life insurance, including 
group life insurance; 
(v) flood insurance provided under the 
National Flood Insurance Act of 1968 (42 
U.S.C. 4001 et seq.); 
(vi) reinsurance or retrocessional rein-
surance; 
(vii) commercial automobile insurance; 
(viii) burglary and theft insurance; or 
(ix) surety insurance. 
(19) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
(20) STATE.—The term ‘‘State’’ means any 
State of the United States, the District of Columbia, 
the Commonwealth of Puerto Rico, the Common-
wealth of the Northern Mariana Islands, American 
Samoa, Guam, each of the United States Virgin Is-
lands, and any territory or possession of the United 
States. 
(21) UNITED
STATES.—The term ‘‘United 
States’’ means the several States. 
(22) RULE OF CONSTRUCTION FOR DATES.— 
With respect to any reference to a date in this Act, 
such day shall be construed— 
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(A) to begin at 12:01 a.m. on that date; 
and 
(B) to end at midnight on that date. 
SEC. 4. PANDEMIC RISK REINSURANCE PROGRAM. 
(a) ESTABLISHMENT OF PROGRAM.— 
(1) IN GENERAL.—There is established in the 
Department of the Treasury the Pandemic Risk Re-
insurance Program. 
(2) AUTHORITY OF THE SECRETARY.—Notwith-
standing any other provision of State or Federal 
law, the Secretary shall administer the Program, 
and shall pay the Federal share of compensation for 
insured losses in accordance with subsection (e). 
(3) MANDATORY PARTICIPATION.—Each entity 
that meets the definition of an insurer under this 
Act shall participate in the Program. 
(4) TREATMENT OF EXISTING POLICIES.—Ex-
cept as provided under section 6, this Act may not 
be construed to affect any policy for property and 
casualty insurance in force on the date of the enact-
ment of this Act. 
(b) CONDITIONS
FOR FEDERAL PAYMENTS.—No 
payment may be made by the Secretary under this section 
with respect to an insured loss that is covered by an in-
surer, unless— 
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(1) except in the case of a parametric non-dam-
age business interruption insured loss, the person 
that suffers the insured loss, or a person acting on 
behalf of that person, files a claim with the insurer; 
(2) the insurer provides clear and conspicuous 
disclosure to the policyholder of the premium 
charged for insured losses covered by the Program 
and the Federal share of compensation for insured 
losses under the Program— 
(A) in the case of any policy that is issued 
before the date of enactment of this Act, not 
later than 90 days after that date of enactment; 
(B) in the case of any policy that is issued 
within 90 days of the date of enactment of this 
Act, at the time of offer and renewal of the pol-
icy; and 
(C) in the case of any policy that is issued 
more than 90 days after the date of enactment 
of this Act, on a separate line item in the pol-
icy, at the time of offer and renewal of the pol-
icy; 
(3) the insurer processes the claim for the in-
sured loss in accordance with appropriate business 
practices, and any reasonable procedures that the 
Secretary may prescribe; and 
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(4) the insurer submits to the Secretary, in ac-
cordance with such reasonable procedures as the 
Secretary may establish— 
(A) a claim for payment of the Federal 
share of compensation for insured losses under 
the Program; 
(B) written certification— 
(i) of the underlying claim; and 
(ii) of all payments made for insured 
losses; and 
(C) certification of its compliance with the 
provisions of this subsection. 
(c) MANDATORY AVAILABILITY OF COVERAGE FOR 
COVERED PUBLIC HEALTH EMERGENCIES.— 
(1) IN GENERAL.—During each calendar year, 
each entity that meets the definition of an insurer 
under this Act— 
(A) shall make available, in all of its prop-
erty and casualty insurance policies, coverage 
for insured losses; and 
(B) shall make available property and cas-
ualty insurance coverage for insured losses that 
does not differ materially from the terms, con-
ditions, amounts, limits, deductibles, or self-in-
sured retentions and other coverage limitations 
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applicable to losses arising from events other 
than public health emergencies. 
(2) 
PARAMETRIC
NON-DAMAGE
BUSINESS 
INTERRUPTION INSURANCE COVERAGE.— 
(A) IN GENERAL.—During each calendar 
year, each entity that meets the definition of an 
insurer under this Act shall in addition make 
available, in all its commercial property insur-
ance policies, parametric non-damage business 
interruption insurance coverage for insured 
losses. 
(B) ALTERNATIVES.—An insurer subject 
to the requirement in subparagraph (A) may 
satisfy the requirement by arranging for the 
parametric non-damage business interruption 
insurance coverage to be made available to the 
insured by either— 
(i) an affiliate of the insurer; or 
(ii) a parametric insurance facility in 
which the insurer participates. 
(C) CRITERIA.—The Secretary shall issue 
regulations, as soon as practicable after the 
date of enactment of this Act, that establish eli-
gibility criteria and other standards for para-
metric insurance facilities. In general— 
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(i) such facilities may be established 
and governed subject to supervision by the 
insurance commissioner of the domiciliary 
State and if qualified by the Secretary will 
be permitted to provided coverage in all 
States; 
(ii) insurer capital contribution to a 
facility may be in the form of surplus note 
or similar instrument which may bear a 
coupon but subject to all policyholder 
claims; and 
(iii) a facility may, subject to regu-
latory approval and any limitations in the 
Secretary’s regulations, distribute profits 
beginning after the expiration of the eco-
nomic recovery period. 
(3) SUPPLEMENTAL BUSINESS INTERRUPTION 
COVERAGE.—Nothing in this section shall be con-
strued to prohibit or limit the ability of an insurer 
to provide supplemental business interruption insur-
ance coverage in addition to the coverage made 
available under paragraph (2). 
(d) STATE RESIDUAL MARKET INSURANCE ENTI-
TIES.— 
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(1) IN
GENERAL.—The Secretary shall issue 
regulations, as soon as practicable after the date of 
enactment of this Act, that apply the provisions of 
this Act to State residual market insurance entities 
and State workers’ compensation funds. 
(2) TREATMENT OF CERTAIN ENTITIES.—For 
purposes of the regulations issued pursuant to para-
graph (1)— 
(A) a State residual market insurance enti-
ty that does not share its profits and losses 
with private sector insurers shall be treated as 
a separate insurer; and 
(B) a State residual market insurance enti-
ty that shares its profits and losses with private 
sector insurers shall not be treated as a sepa-
rate insurer, and shall report to each private 
sector insurance participant its share of the in-
sured losses of the entity, which shall be in-
cluded in each private sector participating in-
surer’s insured losses. 
(3) TREATMENT OF PARTICIPATION IN CERTAIN 
ENTITIES.—Any insurer that participates in sharing 
profits and losses of a State residual market insur-
ance entity shall include in its calculations of pre-
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miums any premiums distributed to the insurer by 
the State residual market insurance entity. 
(e) REINSURANCE FOR INSURED LOSSES.— 
(1) FEDERAL SHARE OF COMPENSATION.— 
(A) QUOTA SHARE PROTECTION.—In gen-
eral, the Federal share of compensation under 
the Program to be paid by the Secretary for in-
sured losses of an insurer or a parametric in-
surance facility during each calendar year shall, 
on a quota share basis, be equal to 95 percent 
of such insured losses. 
(B) STOP-LOSS PROTECTION.—In addition 
to the quota share reinsurance provided under 
subparagraph (A), the Secretary may, upon ap-
plication by an insurer or parametric insurance 
facility, provide such insurer or facility with 
stop-loss protection for insured losses, for such 
price and on such other terms and conditions as 
the Secretary deems consistent with the pur-
poses of the Act. In general, such stop loss pro-
tection shall not have an attachment point 
lower than provided in any catastrophe excess 
of loss reinsurance program which the insurer 
or facility has in effect for the same period. 
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(f) CAPTIVE INSURERS AND OTHER SELF-INSUR-
ANCE ARRANGEMENTS.—The Secretary may, in consulta-
tion with the NAIC or the appropriate State regulatory 
authority, apply the provisions of this Act, as appropriate, 
to other classes or types of captive insurers and other self- 
insurance arrangements by municipalities and other enti-
ties (such as workers ‘‘compensation self-insurance pro-
grams and State workers’’ compensation reinsurance 
pools), but only if such application is determined before 
the commencement of a covered public health emergency 
in which such an entity incurs an insured loss and all of 
the provisions of this Act are applied comparably to such 
entities. 
(g) REINSURANCE TO COVER EXPOSURE.— 
(1) OBTAINING COVERAGE.—This Act may not 
be construed to limit or prevent insurers or facilities 
from obtaining reinsurance coverage for insured 
losses retained by insurers or facilities pursuant to 
this section, nor shall the obtaining of such coverage 
affect the calculation of such deductibles. 
(2) LIMITATION ON FINANCIAL ASSISTANCE.— 
The amount of financial assistance provided pursu-
ant to this section shall not be reduced by reinsur-
ance paid or payable to an insurer from other 
sources, except that recoveries from such other 
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sources, taken together with financial assistance for 
the calendar year provided pursuant to this section, 
may not exceed the aggregate amount of the insur-
er’s insured losses for the calendar year. If such re-
coveries and financial assistance for the calendar 
year exceed such aggregate amount of insured losses 
for the calendar year and there is no agreement be-
tween the insurer and any reinsurer to the contrary, 
an amount in excess of such aggregate insured 
losses shall be returned to the Secretary. 
(h) PREMIUMS FOR QUOTA SHARE REINSURANCE 
PROTECTION.— 
(1) ECONOMIC RECOVERY PERIOD.—During the 
economic recovery period, including any reset exten-
sion, no premium will be charged to insurers or 
parametric insurance facilities for the Federal quota 
share reinsurance protection provided by the Pro-
gram under subsection (e)(1)(A). 
(2) THEREAFTER.—Commencing with the expi-
ration of the economic recovery period, the Secretary 
shall be authorized to prescribe a rating plan for the 
quota share reinsurance provided by the Program 
under subsection (e)(1)(A) for both the parametric 
non-damage business interruption insurance and for 
other lines of property and casualty insurance. The 
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rating plan shall be designed to encourage broad 
participation in the coverage made available under 
the Program, and in particular shall be designed to 
recover the cost of the reinsurance program over a 
period of not less than 5 years. 
SEC. 5. GENERAL AUTHORITY AND ADMINISTRATION OF 
CLAIMS. 
(a) GENERAL AUTHORITY.—The Secretary shall have 
the powers and authorities necessary to carry out the Pro-
gram, including authority— 
(1) to investigate and audit all claims under the 
Program; and 
(2) to prescribe regulations and procedures to 
effectively administer and implement the Program, 
and to ensure that all participating insurers and 
self-insured entities are treated comparably under 
the Program. 
(b) INTERIM RULES AND PROCEDURES.—The Sec-
retary may issue interim final rules or procedures speci-
fying the manner in which— 
(1) insurers may file and certify claims under 
the Program; 
(2) the Federal share of compensation for in-
sured losses will be paid under the Program, includ-
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ing payments based on estimates of or actual in-
sured losses; 
(3) the Secretary may, at any time, seek repay-
ment from or reimburse any insurer, based on esti-
mates of insured losses under the Program, to effec-
tuate the insured loss sharing provisions in section 
4; and 
(4) the Secretary will determine any final net-
ting of payments under the Program, including pay-
ments owed to the Federal Government from any in-
surer and any Federal share of compensation for in-
sured losses owed to any insurer, to effectuate the 
insured loss sharing provisions in section 4. 
(c) CONSULTATION.—The Secretary shall consult 
with the NAIC, as the Secretary determines appropriate, 
concerning the Program. 
(d) CONTRACTS FOR SERVICES.—The Secretary may 
employ persons or contract for services as may be nec-
essary to implement the Program. 
(e) SUBMISSION OF PREMIUM INFORMATION.— 
(1) IN GENERAL.—The Secretary shall annually 
compile information on the property and casualty in-
surance premium rates of insurers for the preceding 
year. 
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(2) ACCESS TO INFORMATION.—To the extent 
that such information is not otherwise available to 
the Secretary, the Secretary may require each in-
surer to submit to the NAIC property and casualty 
insurance premium rates, as necessary to carry out 
paragraph (1), and the NAIC shall make such infor-
mation available to the Secretary. 
(3) AVAILABILITY
TO
CONGRESS.—The Sec-
retary shall make information compiled under this 
subsection available to the Congress, upon request. 
(f) REPORTING OF PROPERTY AND CASUALTY IN-
SURANCE DATA.— 
(1) AUTHORITY.—Beginning upon the date of 
the enactment of this Act, in each calendar year, the 
Secretary shall require insurers to submit to the 
Secretary such information regarding losses of such 
insurers resulting from covered public health emer-
gencies as the Secretary considers appropriate to 
analyze the effectiveness of the Program, which shall 
include information regarding— 
(A) lines of insurance with exposure to 
such losses; 
(B) premiums earned on such coverage; 
(C) geographical location of exposures; 
(D) pricing of such coverage; 
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(E) the take-up rate for such coverage; 
(F) the amount of private reinsurance for 
losses resulting from covered public health 
emergencies purchased; and 
(G) such other matters as the Secretary 
considers appropriate. 
(2) REPORTS.—Not later than one year after 
the date of the enactment of this Act and annually 
thereafter, the Secretary shall submit a report to the 
Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate that in-
cludes— 
(A) an analysis of the overall effectiveness 
of the Program; 
(B) an evaluation of the availability and 
affordability of property and casualty insurance 
for losses resulting from public health emer-
gencies; 
(C) an evaluation of any changes or trends 
in the data collected under paragraph (1); 
(D) an evaluation of whether any aspects 
of the Program have the effect of discouraging 
or impeding insurers from providing property 
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and casualty insurance coverage or coverage for 
public health emergencies; 
(E) an evaluation of the impact of the Pro-
gram on workers’ compensation insurers; and 
(F) in the case of the data reported in 
paragraph (1)(B), an updated estimate of the 
total amount earned since the first January 1 
occurring after the date of the enactment of 
this Act. 
(3) PROTECTION OF DATA.—To the extent pos-
sible, the Secretary shall contract with an insurance 
statistical aggregator to collect the information de-
scribed in paragraph (1), which shall keep any non-
public information confidential and provide it to the 
Secretary in an aggregate form or in such other 
form or manner that does not permit identification 
of the insurer submitting such information. 
(4) 
ADVANCE
COORDINATION.—Before 
col-
lecting any data or information under paragraph (1) 
from an insurer, or affiliate of an insurer, the Sec-
retary shall coordinate with the appropriate State in-
surance regulatory authorities and any relevant gov-
ernment agency or publicly available sources to de-
termine if the information to be collected is available 
from, and may be obtained in a timely manner by, 
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individually or collectively, such entities. If the Sec-
retary determines that such data or information is 
available, and may be obtained in a timely matter, 
from such entities, the Secretary shall obtain the 
data or information from such entities. If the Sec-
retary determines that such data or information is 
not so available, the Secretary may collect such data 
or information from an insurer and affiliates. 
(5) CONFIDENTIALITY.— 
(A) RETENTION OF PRIVILEGE.—The sub-
mission of any non-publicly available data and 
information to the Secretary and the sharing of 
any non-publicly available data with or by the 
Secretary among other Federal agencies, the 
State insurance regulatory authorities, or any 
other entities under this subsection shall not 
constitute a waiver of, or otherwise affect, any 
privilege arising under Federal or State law (in-
cluding the rules of any Federal or State court) 
to which the data or information is otherwise 
subject. 
(B) CONTINUED
APPLICATION
OF
PRIOR 
CONFIDENTIALITY AGREEMENTS.—Any require-
ment under Federal or State law to the extent 
otherwise applicable, or any requirement pursu-
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ant to a written agreement in effect between 
the original source of any non-publicly available 
data or information and the source of such data 
or information to the Secretary, regarding the 
privacy or confidentiality of any data or infor-
mation in the possession of the source to the 
Secretary, shall continue to apply to such data 
or information after the data or information 
has been provided pursuant to this subsection. 
(C) 
INFORMATION-SHARING
AGREE-
MENT.—Any data or information obtained by 
the Secretary under this subsection may be 
made available to State insurance regulatory 
authorities, individually or collectively, through 
an information-sharing agreement that— 
(i) shall comply with applicable Fed-
eral law; and 
(ii) shall not constitute a waiver of, or 
otherwise affect, any privilege under Fed-
eral or State law (including any privilege 
referred to in subparagraph (A) and the 
rules of any Federal or State court) to 
which the data or information is otherwise 
subject. 
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(D) 
AGENCY
DISCLOSURE
REQUIRE-
MENTS.—Section 552 of title 5, United States 
Code, including any exceptions thereunder, shall 
apply to any data or information submitted 
under this subsection to the Secretary by an in-
surer or affiliate of an insurer. 
(g) FUNDING.— 
(1) FEDERAL
PAYMENTS.—There are hereby 
appropriated, out of funds in the Treasury not oth-
erwise appropriated, such sums as may be necessary 
to pay the Federal share of compensation for in-
sured losses under the Program. 
(2) ADMINISTRATIVE
EXPENSES.—There are 
hereby appropriated, out of funds in the Treasury 
not otherwise appropriated, such sums as may be 
necessary to pay reasonable costs of administering 
the Program. 
SEC. 6. PREEMPTION AND NULLIFICATION OF PRE-EXIST-
ING EXCLUSIONS. 
(a) GENERAL NULLIFICATION.—Any exclusion in a 
contract of an insurer for property and casualty insurance 
that is in force on the date of enactment of this Act shall 
be void to the extent that it excludes losses that would 
otherwise be insured losses under the Program. 
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(b) GENERAL PREEMPTION.—Any State approval of 
any exclusion from a contract of an insurer for property 
and casualty insurance that is in force on the date of en-
actment of this Act, shall be void to the extent that it 
excludes losses that would otherwise be insured losses 
under the Program. 
(c) REINSTATEMENT
OF
EXCLUSIONS.—Notwith-
standing subsections (a) and (b) or any provision of State 
law, an insurer may reinstate a preexisting provision in 
a contract for property and casualty insurance that is in 
force on the date of enactment of this Act and that ex-
cludes coverage for loss resulting from a covered public 
health emergency only— 
(1) if the insurer has received a written state-
ment from the insured that affirmatively authorizes 
such reinstatement; or 
(2) for contracts in effect for less than 5 
months— 
(A) the insured fails to pay any increased 
premium charged by the insurer for providing 
such coverage for covered public health emer-
gencies, but only if such premium does not in-
crease by more than 15 percent; and 
(B) the insurer provided notice, at least 30 
days before any such reinstatement, of— 
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(i) the increased premium for such 
covered public health emergency coverage; 
and 
(ii) the rights of the insured with re-
spect to such coverage, including any date 
upon which the exclusion would be rein-
stated if no payment is received. 
SEC. 7. PRESERVATION PROVISIONS. 
(a) STATE LAW.—Nothing in this Act shall affect the 
jurisdiction or regulatory authority of the insurance com-
missioner (or any agency or office performing like func-
tions) of any State over any insurer or other person— 
(1) except as specifically provided in this Act; 
and 
(2) except that— 
(A) the definition of the term covered pub-
lic health emergency in section 3 shall be the 
exclusive definition of that term for purposes of 
compensation for insured losses under this Act, 
and shall preempt any provision of State law 
that is inconsistent with that definition, to the 
extent that such provision of law would other-
wise apply to any type of insurance covered by 
this Act; 
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(B) during the period beginning on the 
date of enactment of this Act and ending on 
December 31, 2021, rates and forms for prop-
erty and casualty insurance covered by this Act 
and filed with any State shall not be subject to 
prior approval or a waiting period under any 
law of a State that would otherwise be applica-
ble, except that nothing in this Act affects the 
ability of any State to invalidate a rate as ex-
cessive, inadequate, or unfairly discriminatory, 
and, with respect to forms, where a State has 
prior approval authority, it shall apply to allow 
subsequent review of such forms; and 
(C) during the period beginning on the 
date of enactment of this Act and for so long 
as the Program is in effect, as provided in sec-
tion 9, books and records of any insurer that 
are relevant to the Program shall be provided, 
or caused to be provided, to the Secretary, upon 
request by the Secretary, notwithstanding any 
provision of the laws of any State prohibiting or 
limiting such access. 
(b) EXISTING REINSURANCE AGREEMENTS.—Noth-
ing in this Act shall be construed to alter, amend, or ex-
pand the terms of coverage under any reinsurance agree-
VerDate Sep 11 2014 
16:11 Nov 10, 2021
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