Pandemic Risk Insurance Act of 2020
Latest action · May 26, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 26, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 29
Members who signed on, in the order they did. Signatures ran from May 26, 2020 to Dec 7, 2020; 20 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Al Green | Original | May 26, 2020 |
| D-ME | Chellie Pingree | Original | May 26, 2020 |
| D-IL | Danny K. Davis | Original | May 26, 2020 |
| D-NV | Dina Titus | Original | May 26, 2020 |
| D-DC | Eleanor Holmes Norton | Original | May 26, 2020 |
| D-CA | Gilbert Ray Cisneros, Jr. | Original | May 26, 2020 |
| D-NY | Grace Meng | Original | May 26, 2020 |
| D-NY | Gregory W. Meeks | Original | May 26, 2020 |
| D-CT | Joe Courtney | Original | May 26, 2020 |
| D-NY | Joseph D. Morelle | Original | May 26, 2020 |
| D-NY | Kathleen M. Rice | Original | May 26, 2020 |
| D-CA | Katie Porter | Original | May 26, 2020 |
| D-NY | Max Rose | Original | May 26, 2020 |
| D-CA | Mike Thompson | Original | May 26, 2020 |
| D-CT | Rosa L. DeLauro | Original | May 26, 2020 |
| D-TX | Sheila Jackson Lee | Original | May 26, 2020 |
| D-PA | Susan Wild | Original | May 26, 2020 |
| D-CA | Ted Lieu | Original | May 26, 2020 |
| D-OH | Tim Ryan | Original | May 26, 2020 |
| D-TX | Vicente Gonzalez | Original | May 26, 2020 |
| D-FL | Debbie Wasserman Schultz | Jun 18, 2020 | |
| D-NY | Hakeem S. Jeffries | Jun 18, 2020 | |
| D-PA | Mary Gay Scanlon | Jun 18, 2020 | |
| D-CA | Pete Aguilar | Jun 18, 2020 | |
| D-CA | Grace F. Napolitano | Aug 11, 2020 | |
| D-CA | Mark DeSaulnier | Oct 16, 2020 | |
| D-TN | Steve Cohen | Oct 23, 2020 | |
| D-GA | David Scott | Dec 2, 2020 | |
| D-NM | Debra A. Haaland | Dec 7, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 26, 2020 |
Actions 2
Everything that happened, newest first.
- May 26, 2020Introduced in House
- May 26, 2020Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 98, May 26, 2020, page H2282.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IN11295 | Business Interruption Insurance and COVID19 Archived | Insight | Dec 21, 2021 |
| IN11511 | Insurance and Unexpected Risks: COVID-19 in 2020 and Terrorism in 2001 Archived | Insight | Sep 24, 2020 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6983 | Pandemic Risk Insurance Act of 2020 | Related bill | May 22, 2020 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To establish a Pandemic Risk Reinsurance Program, and for other purposes.
- Short Title(s) as Introduced
- Pandemic Risk Insurance Act of 2020
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Appropriations
- Cardiovascular and respiratory health
- Congressional oversight
- Corporate finance and management
- Department of the Treasury
- Economic performance and conditions
- Emergency medical services and trauma care
- Executive agency funding and structure
- Federal preemption
- Finance and Financial Sector
- Government studies and investigations
- Infectious and parasitic diseases
- Insurance industry and regulation
- Life, casualty, property insurance
- Museums, exhibitions, cultural centers
- Small business
- State and local government operations
- Worker safety and health
Text 1
Each version as it was printed, newest first.
- May 26, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
