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Pandemic Risk Reinsurance Program: Protecting Businesses and Consumers

This act establishes a federal program to ensure businesses and individuals can receive compensation for losses resulting from pandemics or infectious disease outbreaks. Its aim is to protect consumers, ensure the availability of insurance, and stabilize the insurance market for the future.
Key points
Establishes a federal reinsurance program covering 95% of insured losses for businesses and entities during a pandemic.
Requires insurers to offer coverage for pandemic-related losses, including business interruption insurance.
Nullifies existing exclusions in insurance policies that would otherwise exclude pandemic-related losses, unless the insured explicitly agrees to reinstate them.
Ensures insurers clearly disclose premiums for program-covered insurance and the federal share of compensation.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_5823
Sponsor: Rep. Maloney, Carolyn B. [D-NY-12]
Process start date: 2021-11-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Pandemic Risk Insurance Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5823.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-02.

What are the main provisions?

Key points include:

  • Establishes a federal reinsurance program covering 95% of insured losses for businesses and entities during a pandemic.
  • Requires insurers to offer coverage for pandemic-related losses, including business interruption insurance.
  • Nullifies existing exclusions in insurance policies that would otherwise exclude pandemic-related losses, unless the insured explicitly agrees to reinstate them.
  • Ensures insurers clearly disclose premiums for program-covered insurance and the federal share of compensation.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Maloney, Carolyn B. [D-NY-12].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Health