I 
117TH CONGRESS 
1ST SESSION H. R. 5823 
To establish a Pandemic Risk Reinsurance Program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 2, 2021 
Mrs. CAROLYN B. MALONEY of New York (for herself, Mr. DANNY K. DAVIS 
of Illinois, Mr. GREEN of Texas, Ms. JACKSON LEE, Mr. MEEKS, Ms. 
MENG, Mr. MORELLE, Ms. NORTON, Miss RICE of New York, and Ms. 
TITUS) introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To establish a Pandemic Risk Reinsurance Program, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Pandemic Risk Insur-
ance Act of 2021’’. 
SEC. 2. PURPOSE. 
The purpose of this Act is to establish a Federal pro-
gram that provides for a transparent system of shared 
public and private compensation for property and casualty 
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insurance losses resulting from a pandemic or outbreak 
of communicable or infectious disease, in order to— 
(1) protect consumers by addressing market 
disruptions and ensure the continued widespread 
availability and affordability of property and cas-
ualty insurance for losses resulting from a pandemic 
or outbreak of communicable or infectious disease; 
and 
(2) allow for a transitional period for the pri-
vate markets to stabilize, resume pricing of such in-
surance, and build capacity to absorb any future 
losses, while preserving State insurance regulation 
and consumer protections. 
SEC. 3. DEFINITIONS. 
In this Act, the following definitions shall apply: 
(1) COVERED PUBLIC HEALTH EMERGENCY.— 
(A) IN
GENERAL.—The term ‘‘covered 
public health emergency’’ means any outbreak 
of infectious disease or pandemic— 
(i) for which the Secretary of Health 
and Human Services determines, or renews 
or extends a determination that, a public 
health emergency exists under section 319 
of the Public Health Service Act (42 
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U.S.C. 247d) due to a significant outbreak 
of infectious disease; and 
(ii) that is certified by the Secretary 
as a covered public health emergency for 
purposes of this Act. 
(B) 
NONDELEGATION.—The 
Secretary 
may not delegate or designate to any other offi-
cer, employee, or person, any certification under 
subparagraph (A)(ii) of whether, during the ef-
fective period of the Program, a covered public 
health emergency exists. 
(2) AFFILIATE.—The term ‘‘affiliate’’ means, 
with respect to an participating insurer, any entity 
that controls, is controlled by, or is under common 
control with the insurer. 
(3) BUSINESS
INTERRUPTION
INSURANCE.— 
The term ‘‘business interruption insurance’’ means 
commercial lines of property and casualty insurance 
coverage, other non-property contingent business 
interruption insurance, provided or made available 
for losses resulting from periods of suspended busi-
ness operations, including losses resulting from a 
covered public health emergency, or a civil order re-
lated to a covered public health emergency, whether 
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provided under broader coverage for property and 
casualty losses or separately. 
(4) COMMERCIAL PROPERTY INSURANCE.—The 
term ‘‘commercial property insurance’’ means prop-
erty insurance which indemnifies an owner or user 
of property at a fixed location or premises for loss 
or damage or loss of income-producing ability of the 
property, but the term does not include inland ma-
rine, transit, or personal lines insurance. 
(5) CONTROL.— 
(A) IN GENERAL.—An entity has ‘‘control’’ 
over another entity, if— 
(i) the entity directly or indirectly or 
acting through 1 or more other persons 
owns, controls, or has power to vote 25 
percent or more of any class of voting se-
curities of the other entity; 
(ii) the entity controls in any manner 
the election of a majority of the directors 
or trustees of the other entity; or 
(iii) the Secretary determines, after 
notice and opportunity for hearing, that 
the entity directly or indirectly exercises a 
controlling influence over the management 
or policies of the other entity. 
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(B) RULE OF CONSTRUCTION.—An entity, 
including any affiliate thereof, does not have 
‘‘control’’ over another entity, if, as of January 
1, 2021, the entity is acting as an attorney-in- 
fact, as defined by the Secretary, for the other 
entity and such other entity is a reciprocal in-
surer, provided that the entity is not, for rea-
sons other than the attorney-in-fact relation-
ship, defined as having ‘‘control’’ under sub-
paragraph (A). 
(6) DEPARTMENT.—The term ‘‘Department’’ 
means the Department of the Treasury. 
(7) ECONOMIC RECOVERY PERIOD.— 
(A) IN
GENERAL.—The term ‘‘economic 
recovery period’’ means the period beginning 
with the date of enactment of this Act and end-
ing on December 31 of the fifth year following 
enactment. 
(B) RESET.—If during the economic recov-
ery period, a covered public health emergency is 
certified which applies to the whole of the coun-
try or to States comprising at least 40 percent 
of the country’s population, the economic recov-
ery period will be extended until December 31 
of the 5th year following such certification. 
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(8) EVENT.—The term ‘‘event’’ means a trade 
show, consumer show, exhibition, fair, conference, 
convention, meeting, seminar, charity event, auction, 
gala dinner, competition, sporting event, film or tele-
vision production, award show, or other similar event 
or production. 
(9) EVENT
CANCELLATION
INSURANCE.—The 
term ‘‘event cancellation insurance’’ means insur-
ance, including production package insurance, that 
indemnifies an insured for losses that occur as a 
consequence of— 
(A) cancellation, abandonment, delay, or 
rescheduling (whether full or partial) of an 
event; or 
(B) non-appearance at an event of a prin-
cipal speaker or performer or unavailability of 
an essential element, including covered key tal-
ent or cast members, required for achievement 
of the event’s purpose. 
(10) INSURED
LOSS.—The term insured loss 
means any loss resulting from an outbreak of infec-
tious disease or pandemic for which a covered public 
health emergency is certified that is covered by pri-
mary or excess property and casualty insurance 
issued by an insurer if such loss occurs— 
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(A) within the United States; and 
(B) during the period that the covered 
public health emergency for such area is in ef-
fect. 
(11) INSURER.—The term insurer means any 
entity, including any affiliate thereof— 
(A) that is— 
(i) licensed or admitted to engage in 
the business of providing primary or excess 
insurance in any State; 
(ii) not licensed or admitted as de-
scribed in clause (i), if it is an eligible sur-
plus line carrier listed on the Quarterly 
Listing of Alien Insurers of the NAIC, or 
any successor thereto; 
(iii) approved for the purpose of offer-
ing property and casualty insurance by a 
Federal agency in connection with mari-
time, energy, or aviation activity; 
(iv) a State residual market insurance 
entity or State workers’ compensation 
fund; or 
(v) any other entity described in sec-
tion 4(f), to the extent provided in the 
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rules of the Secretary issued under section 
4(f); 
(B) that receives direct earned premiums 
for any type of commercial property and cas-
ualty insurance coverage, other than in the case 
of entities described in subsections (d) and (f) 
of section 4; and 
(C) that meets any other criteria that the 
Secretary may reasonably prescribe. 
Such term includes captive insurers and other self- 
insurance arrangements by municipalities and other 
entities (such as workers’ compensation self-insur-
ance programs and State workers’ compensation re-
insurance pools). 
(12) NAIC.—The term ‘‘NAIC’’ means the Na-
tional Association of Insurance Commissioners. 
(13) PARAMETRIC INSURANCE FACILITY.—The 
term ‘‘parametric insurance facility’’ means a non- 
assessable joint underwriting association or pool 
which has been approved by the Secretary to provide 
parametric non-damage business interruption insur-
ance for purpose of Section 4(c)(2)(B). 
(14) 
PARAMETRIC
NON-DAMAGE
BUSINESS 
INTERRUPTION INSURANCE.—The term ‘‘parametric 
non-damage business interruption insurance’’ means 
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