Ukraine War Risk Insurance Act

Bill: 118-hr-7353
Sponsor: full_name: Rep. Keating, William R. [D-MA-9]
Introduced: 2024-02-14
Policy area: International Affairs
Latest action: action_date: 2024-02-15
text: Referred to the Subcommittee on Coast Guard and Maritime Transportation.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 7353 IN THE HOUSE OF REPRESENTATIVES February 14, 2024 Mr. Keating (for himself, Mr. Quigley , and Mr. McGovern ) introduced the following bill; which was referred to the Committee on Foreign Affairs , and in addition to the Committee on Transportation and Infrastructure , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To provide temporary war risk insurance for certain commercial vessels operating importing goods to, or exporting goods from, Ukraine.

1. Short title This Act may be cited as the Ukraine War Risk Insurance Act . 2. Finding Congress finds that the transportation in the waterborne commerce importing cargo to, or exporting cargo from, Ukraine is in the interest of the national defense or national economy of the United States. 3. War risk insurance eligibility for certain commercial vessels operating in Ukraine (a) Eligibility Notwithstanding section 53902 of title 46, United States Code, for the period beginning on the date of enactment of this Act, and ending 5 years after such date, a covered vessel shall be deemed to be eligible for insurance or reinsurance under chapter 539 of title 46, United States Code, if such vessel is engaged in transportation in waterborne commerce importing cargo to, or exporting cargo from, Ukraine. (b) Expansion of cargo Subparagraphs (B) through (D) of section 53903(a)(3) of title 46, United States Code, shall not apply to cargo imported or exported to or from Ukraine. (c) Definitions In this section: (1) Covered vessel The term covered vessel means a vessel that is owned by a citizen of— (A) a member country of the North Atlantic Treaty Organization; (B) Ukraine; or (C) any other country the Secretary of State, in consultation with the Secretary of Transportation, determines, in the interest of national security, shall be considered eligible for insurance or reinsurance under chapter 539 of title 46, United States Code. (2) Owned by a citizen The term owned by a citizen means ownership by an entity that is considered to be a citizen of a country in the same manner as an entity is deemed to be a citizen of the United States under section 50501 of title 46, United States Code. 4. Insurance for Ukraine initiative (a) Establishment There is established in the Department of State an entity to be known as the Insurance for Ukraine Initiative. (b) Objectives The objectives of the Insurance for Ukraine Initiative are the following: (1) Bolster confidence in Ukraine’s eventual economic recovery from Russia’s full-scale invasion through the provision of war risk insurance. (2) Encourage European allies and partners to finance and invest in Ukraine’s economic recovery, including through the provision of war risk insurance. (3) Promote closer economic integration between Ukraine and other countries in Europe as well as the United States and further Ukraine’s accession to the European Union. (4) Coordinate dialogue and fora for extensive outreach with private sector insurance companies relating to the provision of war risk insurance to Ukraine. (5) Work with Ukraine, international organizations, and Middle Eastern and African allies and partners to ensure the bountiful and affordable shipment of grain and other food commodities from Ukraine. (c) Report Not later than 1 year after the date of the enactment of this Act, and annually thereafter for the following 3 years, the Secretary of State shall submit to the appropriate congressional committees a report that includes assessments of— (1) progress towards the achievement of each of the objectives set forth in subsection (b); and (2) legislative proposals that would further the objectives set forth in subsection (b); (d) Definition In this section, the term appropriate congressional committees means— (1) the Committee on Foreign Affairs of the House of Representatives; and (2) the Committee on Foreign Relations of the Senate. 5. Diplomatic and political support The Secretary of State, in coordination with the heads of other relevant Federal departments and agencies, shall seek to provide diplomatic and political support to countries that provide or provide support for war risk insurance for Ukraine, including by using the diplomatic and political influence and expertise of the Department of State to build the capacity of such countries. 6. Voice, vote, and influence of the United States at the U.N. Food and Agriculture Organization The Secretary of State shall direct the United States Representative to the Food and Agriculture Organization of the United Nations to use the voice, vote, and influence of the United States at such Organization to seek to develop a multilateral insurance mechanism to protect the shipment of grain and other commodities from Ukraine.