HR 5823
Pandemic Risk Insurance Act of 2021
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Pandemic Risk Insurance Act of 2021 establishes a federal program called the Pandemic Risk Reinsurance Program to help property and casualty insurers cover losses related to pandemics and outbreaks of infectious diseases. The program would provide compensation to insurers if they incur losses due to such events, aiming to protect consumers and ensure the continued availability of insurance. It mandates that insurers offer coverage for these events and provides a mechanism for parametric non-damage business interruption insurance, particularly for businesses impacted by government-ordered closures. The bill also includes provisions for captive insurers and requires the GAO to assess the accessibility and affordability of property and casualty insurance.
Sponsors
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Primary sponsor
Carolyn B. Maloney
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
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