by paragraph (1) to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of 
Representatives. 
(d) STUDY OF SMALL INSURER MARKET COMPETI-
TIVENESS.— 
(1) IN GENERAL.—Not later than the expira-
tion of the 12-month period beginning on the date 
of the enactment of this Act and every two years 
thereafter, the Secretary shall conduct a study of 
small insurers (as such term is defined by regulation 
by the Secretary) participating in the Program, and 
identify any competitive challenges small insurers 
face in the business interruption insurance market-
place, including— 
(A) changes to the market share, premium 
volume, and policyholder surplus of small insur-
ers relative to large insurers; 
(B) how the business interruption insur-
ance market for risk of public health emer-
gencies differs between small and large insur-
ers, and whether such a difference exists within 
other perils; 
(C) the impact of the Program’s avail-
ability on small insurers; 
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(D) the effect of increasing the trigger 
amount 
for 
the 
Program 
under 
section 
4(e)(1)(B) on small insurers; 
(E) the availability and cost of private re-
insurance for small insurers; and 
(F) the impact that State workers com-
pensation laws have on small insurers and 
workers compensation carriers in the business 
interruption insurance marketplace. 
(2) REPORT.—The Secretary shall submit a re-
port to the Congress setting forth the findings and 
conclusions of each study required under paragraph 
(1). 
SEC. 9. TERMINATION OF PROGRAM. 
(a) TERMINATION.—The Program shall terminate on 
December 31, 2027. 
(b) CONTINUING AUTHORITY TO PAY OR ADJUST 
COMPENSATION.—Following the termination of the Pro-
gram, the Secretary may take such actions as may be nec-
essary to ensure payment, recoupment, reimbursement, or 
adjustment of compensation for insured losses arising out 
of any covered public health emergency occurring during 
the period in which the Program was in effect under this 
Act, in accordance with the provisions of section 4 and 
regulations promulgated thereunder. 
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(c) REPEAL; SAVINGS CLAUSE.—This Act is repealed 
on the final termination date of the Program under sub-
section (a), except that such repeal shall not be con-
strued— 
(1) to prevent the Secretary from taking, or 
causing to be taken, such actions under subsection 
(b) of this section, paragraph (4) or (5) of section 
4(e), or subsection (a)(1), (c), (d), or (e) of section 
5, as in effect on the day before the date of such re-
peal, or applicable regulations promulgated there-
under, during any period in which the authority of 
the Secretary under subsection (b) of this section is 
in effect; or 
(2) to prevent the availability of funding under 
section 5(g) during any period in which the author-
ity of the Secretary under subsection (b) of this sec-
tion is in effect. 
Æ 
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