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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Title(s) as Introduced

Pandemic Risk Insurance Act of 2020

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To establish a Pandemic Risk Reinsurance Program, and for other purposes.

Actions Overview (1)

Date Actions Overview
05/26/2020Introduced in House

All Actions (2)

Date All Actions
05/26/2020Referred to the House Committee on Financial Services.
Action By: House of Representatives
05/26/2020Introduced in House
Action By: House of Representatives

Cosponsors (29)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Financial Services05/26/2020 Referred to

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Latest Summary (1)

There is one summary for H.R.7011. View summaries

Shown Here:
Introduced in House (05/26/2020)

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.