H.R. 6983 · 116th Congress
Pandemic Risk Insurance Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MaloneySponsor20 cosponsors · 20 D
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Courtney
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DeLauro
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Gonzalez
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Jackson Lee
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Meeks
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Morelle
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Norton
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Pingree
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Wild20 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes the Pandemic Risk Reinsurance Program within the Department of the Treasury. The program generally provides compensation to insurers if they incur losses as a result of coverage related to pandemics and outbreaks of disease. Insurers may elect to participate in the program if they meet certain criteria.
What it does: CRS summary · Introduced in House · May 22, 2020
Pandemic Risk Insurance Act of 2020
This bill establishes the Pandemic Risk Reinsurance Program within the Department of the Treasury. The program generally provides compensation to insurers if they incur losses as a result of coverage related to pandemics and outbreaks of disease. Insurers may elect to participate in the program if they meet certain criteria. Specifically, insurers participating in the program must offer, in all business interruption insurance policies, coverage for public health emergencies related to an outbreak of infectious disease or a pandemic declared on or after January 1, 2021, and certified by the Department of Health and Human Services.
The program is triggered when aggregate industry insured losses for participating insurers resulting from a covered public health emergency exceed $250 million. The bill establishes the share of insured losses the program would cover, conditions for payment to insurers, caps on annual liability, and the amount insurers must annually pay in deductibles. The bill also provides for the treatment of existing business interruption insurance policies and state residual market insurance entities.
The Government Accountability Office must report on the availability and affordability of business interruption insurance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Pandemic Risk Insurance Act of 2020
Latest action (May 22, 2020): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 22, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.