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.— 
(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-
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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 
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 PROP-
ERTY
AND CASUALTY 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 property and casualty insurance 
available. 
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(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; 
(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 
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identify any competitive challenges small insurers 
face in the property and casualty 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 property and casualty 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 availability and cost of private re-
insurance for small insurers; and 
(E) the impact that State workers com-
pensation laws have on small insurers and 
workers compensation carriers in the property 
and casualty 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, 2031. 
(b) CONTINUING AUTHORITY.—To pay or adjust 
compensation following the termination of the Program, 
the Secretary may take such actions as may be necessary 
to ensure payment, recoupment, reimbursement, or ad-
justment 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.—This Act is repealed on the final termi-
nation date of the Program under subsection (a), except 
that such repeal shall not be construed— 
(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-
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ity of the Secretary under subsection (b) of this sec-
tion is in effect. 
Æ 
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