US Congress House Bill 6983 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 21-0)
Status: Introduced on May 22 2020 - 25% progression, died in committee
Action: 2020-05-22 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Pandemic Risk Insurance Act of 2020

Rep. Carolyn Maloney [D-NY]	Rep. Mike Thompson [D-CA]	Rep. Eleanor Norton [D-DC]	Rep. Rosa DeLauro [D-CT]
Rep. Sheila Jackson-Lee [D-TX]	Rep. Chellie Pingree [D-ME]	Rep. Joe Courtney [D-CT]	Rep. Max Rose [D-NY]
Rep. Gil Cisneros [D-CA]	Rep. Vicente Gonzalez [D-TX]	Rep. Katie Porter [D-CA]	Rep. Ted Lieu [D-CA]
Rep. Kathleen Rice [D-NY]	Rep. Al Green [D-TX]	Rep. Joseph Morelle [D-NY]	Rep. Gregory Meeks [D-NY]
Rep. Susan Wild [D-PA]	Rep. Tim Ryan [D-OH]	Rep. Dina Titus [D-NV]	Rep. Grace Meng [D-NY]
Rep. Danny Davis [D-IL]

Date	Chamber	Action
2020-05-22	House	Referred to the House Committee on Financial Services.
2020-05-22	House	Introduced in House

HB7011 (Related) 2020-05-26 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/6983/all-info
Text	https://www.congress.gov/116/bills/hr6983/BILLS-116hr6983ih.pdf