Code · BILL · 117th Congress · H.R. 5823 (Introduced in House) — To establish a Pandemic Risk Reinsurance Program, and for other purposes. · Sec. 2

Sec. 2. Purpose

108 words·~1 min read·/bill/117/hr/5823/ih/section-2

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The purpose of this Act is to establish a Federal program that provides for a transparent system of shared public and private compensation for property and casualty insurance losses resulting from a pandemic or outbreak of communicable or infectious disease, in order to— protect consumers by addressing market disruptions and ensure the continued widespread availability and affordability of property and casualty insurance for losses resulting from a pandemic or outbreak of communicable or infectious disease; and allow for a transitional period for the private markets to stabilize, resume pricing of such insurance, and build capacity to absorb any future losses, while preserving State insurance regulation and consumer protections.