I 
116TH CONGRESS 
2D SESSION 
H. R. 6983 
To establish a Pandemic Risk Reinsurance Program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 22, 2020 
Mrs. CAROLYN B. MALONEY of New York (for herself, Mr. THOMPSON of 
California, Ms. NORTON, Ms. DELAURO, Ms. JACKSON LEE, Ms. PIN-
GREE, Mr. COURTNEY, Mr. ROSE of New York, Mr. CISNEROS, Mr. GON-
ZALEZ of Texas, Ms. PORTER, Mr. TED LIEU of California, Miss RICE 
of New York, Mr. GREEN of Texas, Mr. MORELLE, Mr. MEEKS, Ms. 
WILD, Mr. RYAN, Ms. TITUS, Ms. MENG, and Mr. DANNY K. DAVIS of 
Illinois) introduced the following bill; which was referred to the Com-
mittee 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 2020’’. 
SEC. 2. PURPOSE. 
The purpose of this Act is to establish a Federal pro-
gram that provides for a transparent system of shared 
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public and private compensation for business interruption 
losses resulting from a pandemic or outbreak of commu-
nicable disease, in order to— 
(1) protect consumers by addressing market 
disruptions and ensure the continued widespread 
availability and affordability of business interruption 
coverage for losses resulting from a pandemic or 
outbreak of communicative 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 an emergency is de-
clared, on or after January 1, 2021, under 
the Public Health Service Act; and 
(ii) that is certified by the Secretary 
of Health and Human Services, as a public 
health emergency. 
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(B) 
NONDELEGATION.—The 
Secretary 
may not delegate or designate to any other offi-
cer, employee, or person, any determination 
under this paragraph of whether, during the ef-
fective period of the Program, a covered public 
health emergency has occurred. 
(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, including event cancellation insurance or 
other non-property contingent business interruption 
insurance, provided or made available for losses re-
sulting from periods of suspended business oper-
ations, including losses from a covered public health 
emergency, or a civil order related to a covered pub-
lic health emergency, whether provided under broad-
er coverage for property and casualty losses or sepa-
rately. 
(4) CONTROL.— 
(A) IN GENERAL.—An entity has ‘‘control’’ 
over another entity, if— 
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(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. 
(B) RULE OF CONSTRUCTION.—An entity, 
including any affiliate thereof, does not have 
‘‘control’’ over another entity, if, as of the date 
of enactment of the Act, 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 insurer, provided that the entity is 
not, for reasons other than the attorney-in-fact 
relationship, defined as having ‘‘control’’ under 
subparagraph (A). 
(5) DIRECT EARNED PREMIUM.—The term ‘‘di-
rect earned premium’’ means a direct earned pre-
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mium for property and casualty insurance issued by 
any participating insurer for insurance against 
losses occurring in the United States. 
(6) EVENT.—The term ‘‘event’’ means a trade 
show, consumer show, exhibition, fair, conference, 
convention, meeting, seminar, charity event, auction, 
gala dinner, competition, sporting event, or other 
similar event. 
(7) EVENT
CANCELLATION
INSURANCE.—The 
term ‘‘event cancellation insurance’’ means insur-
ance that indemnifies an insured for losses that 
occur as a consequence of— 
(A) cancellation, abandonment, or resched-
uling of an event; or 
(B) non-appearance at an event of a prin-
cipal speaker. 
(8) INSURED LOSS.—The term ‘‘insured loss’’ 
means any loss resulting from a covered public 
health emergency that is covered by primary or ex-
cess business interruption insurance issued by a par-
ticipating insurer if such loss occurs— 
(A) within the United States; and 
(B) during the period that the covered 
public health emergency for such area is in ef-
fect. 
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(9) 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 
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 
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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). 
(10) INSURER
DEDUCTIBLE.—The term ‘‘in-
surer deductible’’ means, with respect to a partici-
pating insurer— 
(A) the value of the participating insurer’s 
direct earned premiums during the immediately 
preceding calendar year, multiplied by 5 per-
cent; and 
(B) notwithstanding subparagraph (A), for 
any calendar year, if a participating insurer has 
not had a full year of operations during the cal-
endar year immediately preceding such calendar 
year, such portion of the direct earned pre-
miums of the participating insurer as the Sec-
retary determines appropriate, subject to appro-
priate methodologies established by the Sec-
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retary for measuring such direct earned pre-
miums. 
(11) NAIC.—The term ‘‘NAIC’’ means the Na-
tional Association of Insurance Commissioners. 
(12) 
PARTICIPATING
INSURER.—The 
term 
‘‘participating insurer’’ means, with respect to a cal-
endar year, an insurer that has elected pursuant to 
section 4(a)(3) to participate in the Pandemic Risk 
Reinsurance Program under this Act for such cal-
endar year. 
(13) 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. 
(14) PROGRAM.—The term ‘‘Program’’ means 
the Pandemic Risk Reinsurance Program established 
by this Act. 
(15) 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, and 
event cancellation insurance; and 
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(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; 
(iv) insurance for medical malpractice; 
(v) health or life insurance, including 
group life insurance; 
(vi) flood insurance provided under 
the National Flood Insurance Act of 1968 
(42 U.S.C. 4001 et seq.); 
(vii) reinsurance or retrocessional re-
insurance; 
(viii) commercial automobile insur-
ance; 
(ix) burglary and theft insurance; 
(x) surety insurance; 
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(xi) professional liability insurance; or 
(xii) farm owners multiple peril insur-
ance. 
(16) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of the Treasury. 
(17) 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. 
(18) UNITED
STATES.—The term ‘‘United 
States’’ means the several States. 
(19) RULE OF CONSTRUCTION FOR DATES.— 
With respect to any reference to a date in this Act, 
such day shall be construed— 
(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. 
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(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) VOLUNTARY PARTICIPATION.— 
(A) ELIGIBILITY.—Each entity that meets 
the definition of an insurer under this Act may 
participate in the Program. 
(B) ELECTION.—The Secretary shall pro-
vide a process by which insurers may elect to 
participate in the Program, with respect to a 
calendar year. 
(4) TREATMENT OF EXISTING POLICIES.—This 
Act may not be construed to affect any policy for 
business interruption insurance in force on the date 
of the enactment 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 a partici-
pating insurer, unless— 
(1) the person that suffers the insured loss, or 
a person acting on behalf of that person, files a 
claim with the participating insurer; 
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(2) the participating insurer provides clear and 
conspicuous disclosure to the policyholder of the pre-
mium charged for insured losses covered by the Pro-
gram and the Federal share of compensation for in-
sured 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) in the case of any policy that is issued after 
the date of enactment of this Act, the participating 
insurer provides clear and conspicuous disclosure to 
the 
policyholder 
of 
the 
existence 
of 
the 
$750,000,000,000 cap under subsection (e)(2), at 
the time of offer, purchase, and renewal of the pol-
icy; 
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(4) the participating insurer processes the claim 
for the insured loss in accordance with appropriate 
business practices, and any reasonable procedures 
that the Secretary may prescribe; and 
(5) the participating insurer submits to the Sec-
retary, in accordance with such reasonable proce-
dures 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 UNDER BUSI-
NESS INTERRUPTION COVERAGE.—During each calendar 
year, each participating insurer shall, with respect to such 
year— 
(1) make available, in all of its business inter-
ruption insurance policies, coverage for insured 
losses; and 
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(2) make available business interruption insur-
ance coverage for insured losses that does not differ 
materially from the terms, conditions, amounts, lim-
its, deductibles, or self-insured retentions and other 
coverage grants, limitations, and exclusions applica-
ble to losses arising from events other than public 
health emergencies. 
(d) STATE RESIDUAL MARKET INSURANCE ENTI-
TIES.— 
(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 
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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 participating insurer that partici-
pates in sharing profits and losses of a State resid-
ual market insurance entity shall include in its cal-
culations of premiums any premiums distributed to 
the participating insurer by the State residual mar-
ket insurance entity. 
(e) REINSURANCE FOR INSURED LOSSES.— 
(1) FEDERAL SHARE OF COMPENSATION.— 
(A) IN GENERAL.—The Federal share of 
compensation under the Program to be paid by 
the Secretary for insured losses of an partici-
pating insurer during each calendar year shall 
be equal to 95 percent of that portion of the 
amount of such insured losses that exceeds the 
applicable insurer deductible required to be paid 
during such calendar year. 
(B) PROGRAM TRIGGER.—In the case of a 
covered public health emergency commencing 
after the date on which the Secretary issues 
final 
regulations 
pursuant 
to 
paragraph 
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(2)(B)(ii), no compensation shall be paid by the 
Secretary under subsection (a) unless the ag-
gregate industry insured losses for participating 
insurers resulting from such covered public 
health emergency exceed $250,000,000. 
(C) PROHIBITION ON DUPLICATIVE COM-
PENSATION.—The Federal share of compensa-
tion for insured losses under the Program shall 
be reduced by the amount of compensation pro-
vided by the Federal Government to any person 
under any other Federal program for those in-
sured losses. 
(2) CAP ON ANNUAL LIABILITY.— 
(A) IN GENERAL.—Notwithstanding para-
graph (1) or any other provision of Federal or 
State law, if the aggregate insured losses exceed 
$750,000,000,000, during a calendar year— 
(i) the Secretary shall not make any 
payment under this Act for any portion of 
the amount of such losses that exceeds 
$750,000,000,000; and 
(ii) no participating insurer that has 
met its insurer deductible shall be liable 
for the payment of any amounts under 
subparagraph (B). 
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(B) INSURER SHARE.— 
(i) IN
GENERAL.—For purposes of 
subparagraph (A), the Secretary shall de-
termine the pro rata share of insured 
losses to be paid by each participating in-
surer that incurs insured losses under the 
Program, except that, notwithstanding 
paragraph (1) or any other provision of 
Federal or State law, no participating in-
surer may be required to make any pay-
ment for insured losses in excess of its de-
ductible under section 3(8) combined with 
its share of insured losses under paragraph 
(1)(A) of this subsection. 
(ii) REGULATIONS.—Not later than 
90 days after the date of enactment of this 
Act, the Secretary shall issue final regula-
tions for determining the pro rata share of 
insured losses under the Program when in-
sured losses exceed $750,000,000,000, in 
accordance with clause (i). 
(iii) REPORT
TO
CONGRESS.—Not 
later than 120 days after the date of en-
actment of this Act, the Secretary shall 
provide a report to the Committee on 
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Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Finan-
cial Services of the House of Representa-
tives describing the process to be used by 
the Secretary for determining the alloca-
tion of pro rata payments for insured 
losses under the Program when such losses 
exceed $750,000,000,000. 
(3) NOTICE
TO
CONGRESS.—The Secretary 
shall notify the Congress if estimated or actual ag-
gregate insured losses exceed $750,000,000,000 dur-
ing any calendar year. The Secretary shall provide 
an initial notice to Congress not later than 15 days 
after the end of a covered public health emergency, 
stating whether the Secretary estimates that aggre-
gate insured losses will exceed $750,000,000,000. 
(4) FINAL NETTING.—The Secretary shall have 
sole discretion to determine the time at which claims 
relating to any insured loss or covered public health 
emergency shall become final. 
(5) DETERMINATIONS FINAL.—Any determina-
tion of the Secretary under this subsection shall be 
final, unless expressly provided, and shall not be 
subject to judicial review. 
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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 from ob-
taining reinsurance coverage for insurer deductibles 
or insured losses retained by insurers 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. 
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— 
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(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-
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.— 
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(1) IN GENERAL.—The Secretary shall annually 
compile information on the business interruption in-
surance premium rates of insurers for the preceding 
year. 
(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 business interruption 
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 BUSINESS INTERRUPTION INSUR-
ANCE DATA.— 
(1) AUTHORITY.—Beginning upon the date of 
the enactment of this Act, in each calendar year, the 
Secretary shall require participating insurers to sub-
mit to the Secretary such information regarding 
losses of such insurers, under insurance coverage for 
business interruption, resulting from public health 
emergencies as the Secretary considers appropriate 
to analyze the effectiveness of the Program, which 
shall include information regarding— 
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(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; 
(E) the take-up rate for such coverage; 
(F) the amount of private reinsurance for 
losses resulting from 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 business interruption insurance 
for losses resulting from public health emer-
gencies; 
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(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 business 
interruption 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-
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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, 
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) 
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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-
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-
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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. 
(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. 
SEC. 6. PREEMPTION AND NULLIFICATION OF PRE-EXIST-
ING EXCLUSIONS. 
(a) GENERAL NULLIFICATION.—Any exclusion in a 
contract of a participating insurer for business interrup-
tion 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. 
(b) GENERAL PREEMPTION.—Any State approval of 
any exclusion from a contract of a participating insurer 
for business interruption 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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(c) REINSTATEMENT
OF
EXCLUSIONS.—Notwith-
standing subsections (a) and (b) or any provision of State 
law, a participating insurer may reinstate a preexisting 
provision in a contract for business interruption insurance 
that is in force on the date of enactment of this Act and 
that excludes coverage for loss resulting from a covered 
public health emergency only— 
(1) if the participating insurer has received a 
written statement from the insured that affirma-
tively 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 participating insurer 
for providing such coverage for covered public 
health emergencies, but only if such premium 
does not increase by more than 15 percent; and 
(B) the participating insurer provided no-
tice, at least 30 days before any such reinstate-
ment, of— 
(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 
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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 
public health emergency’’ in section 3 shall be 
the exclusive definition of that term for pur-
poses of compensation for insured losses under 
this Act, and shall preempt any provision of 
State law that is inconsistent with that defini-
tion, to the extent that such provision of law 
would otherwise apply to any type of insurance 
covered by this Act; 
(B) during the period beginning on the 
date of enactment of this Act and ending on 
December 31, 2020, rates and forms for busi-
ness interruption insurance covered by this Act 
and filed with any State shall not be subject to 
prior approval or a waiting period under any 
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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, including authority in subsection 208(b), 
books and records of any insurer that are rel-
evant 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-
ment in effect on the date of enactment of this Act. The 
terms and conditions of such an agreement shall be deter-
mined by the language of that agreement. 
SEC. 8. STUDY AND ANALYSES. 
(a) STUDY AND REPORT ON THE PROGRAM.— 
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(1) STUDY.—The Secretary, in consultation 
with the NAIC, representatives of the insurance in-
dustry and of policy holders, other experts in the in-
surance field, and other experts as needed, shall as-
sess the effectiveness of the Program and the likely 
capacity of the property and casualty insurance in-
dustry to offer insurance for risk of public health 
emergencies after termination of the Program, and 
the availability and affordability of such insurance 
for various policyholders. 
(2) REPORT.—The Secretary shall submit a re-
port to the Congress on the results of the study con-
ducted under paragraph (1) not later than the expi-
ration of the 12-month period beginning on the date 
of the enactment of this Act. 
(b) ANALYSIS OF MARKET CONDITIONS FOR PUBLIC 
HEALTH EMERGENCY RISK INSURANCE.— 
(1) IN
GENERAL.—The President’s Working 
Group on Financial Markets, in consultation with 
the National Association of Insurance Commis-
sioners, representatives of the insurance industry, 
representatives of the securities industry, and rep-
resentatives of policy holders, shall perform an ongo-
ing analysis regarding the long-term availability and 
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affordability of insurance for risk of public health 
emergencies. 
(2) REPORT.—Not later than the expiration of 
the 12-month period beginning on the date of the 
enactment of this Act and every two years there-
after, the President’s Working Group on Financial 
Markets shall submit a report to the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the 
House of Representatives on its findings pursuant to 
the analysis conducted under paragraph (1). 
(c) AVAILABILITY
AND AFFORDABILITY
OF BUSI-
NESS INTERRUPTION INSURANCE
IN SPECIFIC MAR-
KETS.— 
(1) STUDY.—The Comptroller General of the 
United States shall conduct a study to determine 
whether there are specific markets in the United 
States where there are unique capacity constraints 
on the amount of business interruption insurance 
available. 
(2) ELEMENTS OF STUDY.—The study required 
by paragraph (1) shall contain— 
(A) an analysis of both insurance and rein-
surance capacity in specific markets, including 
pricing and coverage limits in existing policies; 
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(B) an assessment of the factors contrib-
uting to any capacity constraints that are iden-
tified; and 
(C) recommendations for addressing those 
capacity constraints. 
(3) REPORT.—Not later than 180 days after 
the date of enactment of this Act, the Comptroller 
General shall submit a report on the study required 
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— 
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(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; 
(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). 
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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. 
(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 
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(2) to prevent the availability of funding under 
section 4 during any period in which the authority 
of the Secretary under subsection (b) of this section 
is in effect. 
Æ 
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