,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fihc ,,in ,,the ,,house ,,of ,,representatives ,may #bb1 #bjbj,mrs4 ,carolyn ,b4 ,maloney of ,new ,york 7for herself1 ,mr4 ,thompson of ,california1 ,ms4 ,norton1 ,ms4 ,de,lauro1 ,ms4 ,jackson ,lee1 ,ms4 ,pingree1 ,mr4 ,courtney1 ,mr4 ,rose of ,new ,york1 ,mr4 ,cisneros1 ,mr4 ,gonzalez of ,texas1 ,ms4 ,porter1 ,mr4 ,ted ,lieu of ,california1 ,miss ,rice of ,new ,york1 ,mr4 ,green of ,texas1 ,mr4 ,morelle1 ,mr4 ,meeks1 ,ms4 ,wild1 ,mr4 ,ryan1 ,ms4 ,titus1 ,ms4 ,meng1 and ,mr4 ,danny ,k4 ,davis of ,illinois7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to establish a ,pandemic ,risk ,reinsurance ,program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,pandemic ,risk ,insurance ,act of #bjbj4 #b4 ,purpose ,the purpose of this ,act is to establish a ,federal program that provides for a transparent system of shared public and private compensation for business interruption losses resulting from a pandemic or outbreak of communicable disease1 in order to-- 7#a7 protect consumers by addressing market disruptions and ensure the continued widespread availability and affordability of business interruption coverage for losses resulting from a pandemic or outbreak of communicative disease2 and 7#b7 allow for a transitional period for the private markets to stabilize1 resume pricing of such insurance1 and build capacity to absorb any future losses1 while preserving ,state insurance regulation and consumer protections4 #c4 ,definitions ,in this ,act1 the following definitions shall apply3 7#a7 ,covered public health emergency 7,a7 ,in general ,the term covered public health emergency means any outbreak of infectious disease or pandemic-- 7i7 for which an emergency is declared1 on or after ,january #a1 #bjba1 under the ,public ,health ,service ,act2 and 7ii7 that is certified by the ,secretary of ,health and ,human ,services1 as a public health emergency4 7,b7 ,nondelegation ,the ,secretary may not delegate or designate to any other officer1 employee1 or person1 any determination under this paragraph of whether1 during the effective period of the ,program1 a covered public health emergency has occurred4 7#b7 ,affiliate ,the term affiliate means1 with respect to an participating insurer1 any entity that controls1 is controlled by1 or is under common control with the insurer4 7#c7 ,business interruption insurance ,the term business interruption insurance means commercial lines of property and casualty insurance coverage1 including event cancellation insurance or other non-property contingent business interruption insurance1 provided or made available for losses resulting from periods of suspended business operations1 including losses from a covered public health emergency1 or a civil order related to a covered public health emergency1 whether provided under broader coverage for property and casualty losses or separately4 7#d7 ,control 7,a7 ,in general ,an entity has control over another entity1 if-- 7i7 the entity directly or indirectly or acting through #a or more other persons owns1 controls1 or has power to vote #be percent or more of any class of voting securities of the other entity2 7ii7 the entity controls in any manner the election of a majority of the directors or trustees of the other entity2 or 7iii7 the ,secretary determines1 after notice and opportunity for hearing1 that the entity directly or indirectly exercises a controlling influence over the management or policies of the other entity4 7,b7 ,rule of construction ,an entity1 including any affiliate thereof1 does not have control over another entity1 if1 as of the date of enactment of the ,act1 the entity is acting as an attorney-in-fact1 as defined by the ,secretary1 for the other entity and such other entity is a reciprocal insurer1 provided that the entity is not1 for reasons other than the attorney-in-fact relationship1 defined as having control under subparagraph 7,a74 7#e7 ,direct earned premium ,the term direct earned premium means a direct earned premium for property and casualty insurance issued by any participating insurer for insurance against losses occurring in the ,united ,states4 7#f7 ,event ,the term event means a trade show1 consumer show1 exhibition1 fair1 conference1 convention1 meeting1 seminar1 charity event1 auction1 gala dinner1 competition1 sporting event1 or other similar event4 7#g7 ,event cancellation insurance ,the term event cancellation insurance means insurance that indemnifies an insured for losses that occur as a consequence of-- 7,a7 cancellation1 abandonment1 or rescheduling of an event2 or 7,b7 non-appearance at an event of a principal speaker4 7#h7 ,insured loss ,the term insured loss means any loss resulting from a covered public health emergency that is covered by primary or excess business interruption insurance issued by a participating insurer if such loss occurs-- 7,a7 within the ,united ,states2 and 7,b7 during the period that the covered public health emergency for such area is in effect4 7#i7 ,insurer ,the term insurer means any entity1 including any affiliate thereof-- 7,a7 that is-- 7i7 licensed or admitted to engage in the business of providing primary or excess insurance in any ,state2 7ii7 not licensed or admitted as described in clause 7i71 if it is an eligible surplus line carrier listed on the ,quarterly ,listing of ,alien ,insurers of the ,,naic1 or any successor thereto2 7iii7 approved for the purpose of offering property and casualty insurance by a ,federal agency in connection with maritime1 energy1 or aviation activity2 7iv7 a ,state residual market insurance entity or ,state workers' compensation fund2 or 7v7 any other entity described in section #d7;f71 to the extent provided in the rules of the ,secretary issued under section #d7;f72 7,b7 that receives direct earned premiums for any type of commercial property and casualty insurance coverage1 other than in the case of entities described in subsections 7d7 and 7f7 of section #d2 and 7,c7 that meets any other criteria that the ,secretary may reasonably prescribe4 ,such term includes captive insurers and other self-insurance arrangements by municipalities and other entities 7such as workers' compensation self-insurance programs and ,state workers' compensation reinsurance pools74 7#aj7 ,insurer deductible ,the term insurer deductible means1 with respect to a participating insurer-- 7,a7 the value of the participating insurer's direct earned premiums during the immediately preceding calendar year1 multiplied by #e percent2 and 7,b7 notwithstanding subparagraph 7,a71 for any calendar year1 if a participating insurer has not had a full year of operations during the calendar year immediately preceding such calendar year1 such portion of the direct earned premiums of the participating insurer as the ,secretary determines appropriate1 subject to appropriate methodologies established by the ,secretary for measuring such direct earned premiums4 7#aa7 ,,naic ,the term ,,naic means the ,national ,association of ,insurance ,commissioners4 7#ab7 ,participating insurer ,the term participating insurer means1 with respect to a calendar year1 an insurer that has elected pursuant to section #d7;a77#c7 to participate in the ,pandemic ,risk ,reinsurance ,program under this ,act for such calendar year4 7#ac7 ,person ,the term person means any individual1 business or nonprofit entity 7including those organized in the form of a partnership1 limited liability company1 corporation1 or association71 trust or estate1 or a ,state or political subdivision of a ,state or other governmental unit4 7#ad7 ,program ,the term ,program means the ,pandemic ,risk ,reinsurance ,program established by this ,act4 7#ae7 ,property and casualty insurance ,the term property and casualty insurance-- 7,a7 means commercial lines of property and casualty insurance1 including excess insurance1 workers' compensation insurance1 and event cancellation insurance2 and 7,b7 does not include-- 7i7 ,federal crop insurance issued or reinsured under the ,federal ,crop ,insurance ,act 7#g ,u4,s4,c4 #aeja et seq471 or any other type of crop or livestock insurance that is privately issued or reinsured2 7ii7 private mortgage insurance 7as such term is defined in section #b of the ,homeowners ,protection ,act of #aiih 7#ab ,u4,s4,c4 #dija77 or title insurance2 7iii7 financial guaranty insurance issued by monoline financial guaranty insurance corporations2 7iv7 insurance for medical malpractice2 7v7 health or life insurance1 including group life insurance2 7vi7 flood insurance provided under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq472 7vii7 reinsurance or retrocessional reinsurance2 7viii7 commercial automobile insurance2 7ix7 burglary and theft insurance2 7x7 surety insurance2 7xi7 professional liability insurance2 or 7xii7 farm owners multiple peril insurance4 7#af7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#ag7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 the ,commonwealth of the ,northern ,mariana ,islands1 ,american ,samoa1 ,guam1 each of the ,united ,states ,virgin ,islands1 and any territory or possession of the ,united ,states4 7#ah7 ,united states ,the term ,united ,states means the several ,states4 7#ai7 ,rule of construction for dates ,with respect to any reference to a date in this ,act1 such day shall be construed-- 7,a7 to begin at #ab3ja a4m4 on that date2 and 7,b7 to end at midnight on that date4 #d4 ,pandemic ,risk ,reinsurance ,program 7a7 ,establishment of ,program 7#a7 ,in general ,there is established in the ,department of the ,treasury the ,pandemic ,risk ,reinsurance ,program4 7#b7 ,authority of the secretary ,notwithstanding any other provision of ,state or ,federal law1 the ,secretary shall administer the ,program1 and shall pay the ,federal share of compensation for insured losses in accordance with subsection 7e74 7#c7 ,voluntary participation 7,a7 ,eligibility ,each entity that meets the definition of an insurer under this ,act may participate in the ,program4 7,b7 ,election ,the ,secretary shall provide a process by which insurers may elect to participate in the ,program1 with respect to a calendar year4 7#d7 ,treatment of existing policies ,this ,act may not be construed to affect any policy for business interruption insurance in force on the date of the enactment of this ,act4 7b7 ,conditions for ,federal ,payments ,no payment may be made by the ,secretary under this section with respect to an insured loss that is covered by a participating insurer1 unless-- 7#a7 the person that suffers the insured loss1 or a person acting on behalf of that person1 files a claim with the participating insurer2 7#b7 the participating insurer provides clear and conspicuous disclosure to the policyholder of the premium charged for insured losses covered by the ,program and the ,federal share of compensation for insured losses under the ,program-- 7,a7 in the case of any policy that is issued before the date of enactment of this ,act1 not later than #ij days after that date of enactment2 7,b7 in the case of any policy that is issued within #ij days of the date of enactment of this ,act1 at the time of offer and renewal of the policy2 and 7,c7 in the case of any policy that is issued more than #ij days after the date of enactment of this ,act1 on a separate line item in the policy1 at the time of offer and renewal of the policy2 7#c7 in the case of any policy that is issued after the date of enactment of this ,act1 the participating insurer provides clear and conspicuous disclosure to the policyholder of the existence of the #gej1jjj1jjj1jjj cap under subsection 7e77#b71 at the time of offer1 purchase1 and renewal of the policy2 7#d7 the participating insurer processes the claim for the insured loss in accordance with appropriate business practices1 and any reasonable procedures that the ,secretary may prescribe2 and 7#e7 the participating insurer submits to the ,secretary1 in accordance with such reasonable procedures as the ,secretary may establish-- 7,a7 a claim for payment of the ,federal share of compensation for insured losses under the ,program2 7,b7 written certification-- 7i7 of the underlying claim2 and 7ii7 of all payments made for insured losses2 and 7,c7 certification of its compliance with the provisions of this subsection4 7c7 ,mandatory availability of coverage for covered public health emergencies under business interruption coverage ,during each calendar year1 each participating insurer shall1 with respect to such year-- 7#a7 make available1 in all of its business interruption insurance policies1 coverage for insured losses2 and 7#b7 make available business interruption insurance coverage for insured losses that does not differ materially from the terms1 conditions1 amounts1 limits1 deductibles1 or self-insured retentions and other coverage grants1 limitations1 and exclusions applicable to losses arising from events other than public health emergencies4 7d7 ,state ,residual ,market ,insurance ,entities 7#a7 ,in general ,the ,secretary shall issue regulations1 as soon as practicable after the date of enactment of this ,act1 that apply the provisions of this ,act to ,state residual market insurance entities and ,state workers' compensation funds4 7#b7 ,treatment of certain entities ,for purposes of the regulations issued pursuant to paragraph 7#a7-- 7,a7 a ,state residual market insurance entity that does not share its profits and losses with private sector insurers shall be treated as a separate insurer2 and 7,b7 a ,state residual market insurance entity that shares its profits and losses with private sector insurers shall not be treated as a separate insurer1 and shall report to each private sector insurance participant its share of the insured losses of the entity1 which shall be included in each private sector participating insurer's insured losses4 7#c7 ,treatment of participation in certain entities ,any participating insurer that participates in sharing profits and losses of a ,state residual market insurance entity shall include in its calculations of premiums any premiums distributed to the participating insurer by the ,state residual market insurance entity4 7e7 ,reinsurance for insured losses 7#a7 ,federal share of compensation 7,a7 ,in general ,the ,federal share of compensation under the ,program to be paid by the ,secretary for insured losses of an participating insurer during each calendar year shall be equal to #ie percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such calendar year4 7,b7 ,program trigger ,in the case of a covered public health emergency commencing after the date on which the ,secretary issues final regulations pursuant to paragraph 7#b77;,b77ii71 no compensation shall be paid by the ,secretary under subsection 7a7 unless the aggregate industry insured losses for participating insurers resulting from such covered public health emergency exceed #bej1jjj1jjj4 7,c7 ,prohibition on duplicative compensation ,the ,federal share of compensation for insured losses under the ,program shall be reduced by the amount of compensation provided by the ,federal ,government to any person under any other ,federal program for those insured losses4 7#b7 ,cap on annual liability 7,a7 ,in general ,notwithstanding paragraph 7#a7 or any other provision of ,federal or ,state law1 if the aggregate insured losses exceed #gej1jjj1jjj1jjj1 during a calendar year-- 7i7 the ,secretary shall not make any payment under this ,act for any portion of the amount of such losses that exceeds #gej1jjj1jjj1jjj2 and 7ii7 no participating insurer that has met its insurer deductible shall be liable for the payment of any amounts under subparagraph 7,b74 7,b7 ,insurer share 7i7 ,in general ,for purposes of subparagraph 7,a71 the ,secretary shall determine the pro rata share of insured losses to be paid by each participating insurer that incurs insured losses under the ,program1 except that1 notwithstanding paragraph 7#a7 or any other provision of ,federal or ,state law1 no participating insurer may be required to make any payment for insured losses in excess of its deductible under section #c7h7 combined with its share of insured losses under paragraph 7#a77;,a7 of this subsection4 7ii7 ,regulations ,not later than #ij days after the date of enactment of this ,act1 the ,secretary shall issue final regulations for determining the pro rata share of insured losses under the ,program when insured losses exceed #gej1jjj1jjj1jjj1 in accordance with clause 7i74 7iii7 ,report to congress ,not later than #abj days after the date of enactment of this ,act1 the ,secretary shall provide a report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives describing the process to be used by the ,secretary for determining the allocation of pro rata payments for insured losses under the ,program when such losses exceed #gej1jjj1jjj1jjj4 7#c7 ,notice to congress ,the ,secretary shall notify the ,congress if estimated or actual aggregate insured losses exceed #gej1jjj1jjj1jjj during any calendar year4 ,the ,secretary shall provide an initial notice to ,congress not later than #ae days after the end of a covered public health emergency1 stating whether the ,secretary estimates that aggregate insured losses will exceed #gej1jjj1jjj1jjj4 7#d7 ,final netting ,the ,secretary shall have sole discretion to determine the time at which claims relating to any insured loss or covered public health emergency shall become final4 7#e7 ,determinations final ,any determination of the ,secretary under this subsection shall be final1 unless expressly provided1 and shall not be subject to judicial review4 7f7 ,captive ,insurers and ,other ,self-,insurance ,arrangements ,the ,secretary may1 in consultation with the ,,naic or the appropriate ,state regulatory authority1 apply the provisions of this ,act1 as appropriate1 to other classes or types of captive insurers and other self-insurance arrangements by municipalities and other entities 7such as workers' compensation self-insurance programs and ,state workers' compensation reinsurance pools71 but only if such application is determined before the commencement of a covered public health emergency in which such an entity incurs an insured loss and all of the provisions of this ,act are applied comparably to such entities4 7g7 ,reinsurance ,to ,cover ,exposure 7#a7 ,obtaining coverage ,this ,act may not be construed to limit or prevent insurers from obtaining reinsurance coverage for insurer deductibles or insured losses retained by insurers pursuant to this section1 nor shall the obtaining of such coverage affect the calculation of such deductibles4 7#b7 ,limitation on financial assistance ,the amount of financial assistance provided pursuant to this section shall not be reduced by reinsurance paid or payable to an insurer from other sources1 except that recoveries from such other sources1 taken together with financial assistance for the calendar year provided pursuant to this section1 may not exceed the aggregate amount of the insurer's insured losses for the calendar year4 ,if such recoveries and financial assistance for the calendar year exceed such aggregate amount of insured losses for the calendar year and there is no agreement between the insurer and any reinsurer to the contrary1 an amount in excess of such aggregate insured losses shall be returned to the ,secretary4 #e4 ,general authority and administration of claims 7a7 ,general ,authority ,the ,secretary shall have the powers and authorities necessary to carry out the ,program1 including authority-- 7#a7 to investigate and audit all claims under the ,program2 and 7#b7 to prescribe regulations and procedures to effectively administer and implement the ,program1 and to ensure that all participating insurers and self-insured entities are treated comparably under the ,program4 7b7 ,interim ,rules and ,procedures ,the ,secretary may issue interim final rules or procedures specifying the manner in which-- 7#a7 insurers may file and certify claims under the ,program2 7#b7 the ,federal share of compensation for insured losses will be paid under the ,program1 including payments based on estimates of or actual insured losses2 7#c7 the ,secretary may1 at any time1 seek repayment from or reimburse any insurer1 based on estimates of insured losses under the ,program1 to effectuate the insured loss sharing provisions in section #d2 and 7#d7 the ,secretary will determine any final netting of payments under the ,program1 including payments owed to the ,federal ,government from any insurer and any ,federal share of compensation for insured losses owed to any insurer1 to effectuate the insured loss sharing provisions in section #d4 7c7 ,consultation ,the ,secretary shall consult with the ,,naic1 as the ,secretary determines appropriate1 concerning the ,program4 7d7 ,contracts for ,services ,the ,secretary may employ persons or contract for services as may be necessary to implement the ,program4 7e7 ,submission of ,premium ,information 7#a7 ,in general ,the ,secretary shall annually compile information on the business interruption insurance premium rates of insurers for the preceding year4 7#b7 ,access to information ,to the extent that such information is not otherwise available to the ,secretary1 the ,secretary may require each insurer to submit to the ,,naic business interruption insurance premium rates1 as necessary to carry out paragraph 7#a71 and the ,,naic shall make such information available to the ,secretary4 7#c7 ,availability to congress ,the ,secretary shall make information compiled under this subsection available to the ,congress1 upon request4 7f7 ,reporting of ,business ,interruption ,insurance ,data 7#a7 ,authority ,beginning upon the date of the enactment of this ,act1 in each calendar year1 the ,secretary shall require participating insurers to submit to the ,secretary such information regarding losses of such insurers1 under insurance coverage for business interruption1 resulting from public health emergencies as the ,secretary considers appropriate to analyze the effectiveness of the ,program1 which shall include information regarding-- 7,a7 lines of insurance with exposure to such losses2 7,b7 premiums earned on such coverage2 7,c7 geographical location of exposures2 7,d7 pricing of such coverage2 7,e7 the take-up rate for such coverage2 7,f7 the amount of private reinsurance for losses resulting from public health emergencies purchased2 and 7,g7 such other matters as the ,secretary considers appropriate4 7#b7 ,reports ,not later than one year after the date of the enactment of this ,act and annually thereafter1 the ,secretary shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate that includes-- 7,a7 an analysis of the overall effectiveness of the ,program2 7,b7 an evaluation of the availability and affordability of business interruption insurance for losses resulting from public health emergencies2 7,c7 an evaluation of any changes or trends in the data collected under paragraph 7#a72 7,d7 an evaluation of whether any aspects of the ,program have the effect of discouraging or impeding insurers from providing business interruption insurance coverage or coverage for public health emergencies2 7,e7 an evaluation of the impact of the ,program on workers' compensation insurers2 and 7,f7 in the case of the data reported in paragraph 7#a77;,b71 an updated estimate of the total amount earned since the first ,january #a occurring after the date of the enactment of this ,act4 7#c7 ,protection of data ,to the extent possible1 the ,secretary shall contract with an insurance statistical aggregator to collect the information described in paragraph 7#a71 which shall keep any nonpublic information confidential and provide it to the ,secretary in an aggregate form or in such other form or manner that does not permit identification of the insurer submitting such information4 7#d7 ,advance coordination ,before collecting any data or information under paragraph 7#a7 from an insurer1 or affiliate of an insurer1 the ,secretary shall coordinate with the appropriate ,state insurance regulatory authorities and any relevant government agency or publicly available sources to determine if the information to be collected is available from1 and may be obtained in a timely manner by1 individually or collectively1 such entities4 ,if the ,secretary determines that such data or information is available1 and may be obtained in a timely matter1 from such entities1 the ,secretary shall obtain the data or information from such entities4 ,if the ,secretary determines that such data or information is not so available1 the ,secretary may collect such data or information from an insurer and affiliates4 7#e7 ,confidentiality 7,a7 ,retention of privilege ,the submission of any non-publicly available data and information to the ,secretary and the sharing of any non-publicly available data with or by the ,secretary among other ,federal agencies1 the ,state insurance regulatory authorities1 or any other entities under this subsection shall not constitute a waiver of1 or otherwise affect1 any privilege arising under ,federal or ,state law 7including the rules of any ,federal or ,state court7 to which the data or information is otherwise subject4 7,b7 ,continued application of prior confidentiality agreements ,any requirement under ,federal or ,state law to the extent otherwise applicable1 or any requirement pursuant to a written agreement in effect between the original source of any non-publicly available data or information and the source of such data or information to the ,secretary1 regarding the privacy or confidentiality of any data or information in the possession of the source to the ,secretary1 shall continue to apply to such data or information after the data or information has been provided pursuant to this subsection4 7,c7 ,information-sharing agreement ,any data or information obtained by the ,secretary under this subsection may be made available to ,state insurance regulatory authorities1 individually or collectively1 through an information-sharing agreement that-- 7i7 shall comply with applicable ,federal law2 and 7ii7 shall not constitute a waiver of1 or otherwise affect1 any privilege under ,federal or ,state law 7including any privilege referred to in subparagraph 7,a7 and the rules of any ,federal or ,state court7 to which the data or information is otherwise subject4 7,d7 ,agency disclosure requirements ,section #eeb of title #e1 ,united ,states ,code1 including any exceptions thereunder1 shall apply to any data or information submitted under this subsection to the ,secretary by an insurer or affiliate of an insurer4 #f4 ,preemption and nullification of pre-existing exclusions 7a7 ,general ,nullification ,any exclusion in a contract of a participating insurer for business interruption insurance that is in force on the date of enactment of this ,act shall be void to the extent that it excludes losses that would otherwise be insured losses under the ,program4 7b7 ,general ,preemption ,any ,state approval of any exclusion from a contract of a participating insurer for business interruption insurance that is in force on the date of enactment of this ,act1 shall be void to the extent that it excludes losses that would otherwise be insured losses under the ,program4 7c7 ,reinstatement of ,exclusions ,notwithstanding subsections 7a7 and 7b7 or any provision of ,state law1 a participating insurer may reinstate a preexisting provision in a contract for business interruption insurance that is in force on the date of enactment of this ,act and that excludes coverage for loss resulting from a covered public health emergency only-- 7#a7 if the participating insurer has received a written statement from the insured that affirmatively authorizes such reinstatement2 or 7#b7 for contracts in effect for less than #e months-- 7,a7 the insured fails to pay any increased premium charged by the participating insurer for providing such coverage for covered public health emergencies1 but only if such premium does not increase by more than #ae percent2 and 7,b7 the participating insurer provided notice1 at least #cj days before any such reinstatement1 of-- 7i7 the increased premium for such covered public health emergency coverage2 and 7ii7 the rights of the insured with respect to such coverage1 including any date upon which the exclusion would be reinstated if no payment is received4 #g4 ,preservation provisions 7a7 ,state ,law ,nothing in this ,act shall affect the jurisdiction or regulatory authority of the insurance commissioner 7or any agency or office performing like functions7 of any ,state over any insurer or other person-- 7#a7 except as specifically provided in this ,act2 and 7#b7 except that-- 7,a7 the definition of the term covered public health emergency in section #c shall be the exclusive definition of that term for purposes of compensation for insured losses under this ,act1 and shall preempt any provision of ,state law that is inconsistent with that definition1 to the extent that such provision of law would otherwise apply to any type of insurance covered by this ,act2 7,b7 during the period beginning on the date of enactment of this ,act and ending on ,december #ca1 #bjbj1 rates and forms for business interruption insurance covered by this ,act and filed with any ,state shall not be subject to prior approval or a waiting period under any law of a ,state that would otherwise be applicable1 except that nothing in this ,act affects the ability of any ,state to invalidate a rate as excessive1 inadequate1 or unfairly discriminatory1 and1 with respect to forms1 where a ,state has prior approval authority1 it shall apply to allow subsequent review of such forms2 and 7,c7 during the period beginning on the date of enactment of this ,act and for so long as the ,program is in effect1 as provided in section #i1 including authority in subsection #bjh7;b71 books and records of any insurer that are relevant to the ,program shall be provided1 or caused to be provided1 to the ,secretary1 upon request by the ,secretary1 notwithstanding any provision of the laws of any ,state prohibiting or limiting such access4 7b7 ,existing ,reinsurance ,agreements ,nothing in this ,act shall be construed to alter1 amend1 or expand the terms of coverage under any reinsurance agreement in effect on the date of enactment of this ,act4 ,the terms and conditions of such an agreement shall be determined by the language of that agreement4 #h4 ,study and analyses 7a7 ,study and ,report on the ,program 7#a7 ,study ,the ,secretary1 in consultation with the ,,naic1 representatives of the insurance industry and of policy holders1 other experts in the insurance field1 and other experts as needed1 shall assess the effectiveness of the ,program and the likely capacity of the property and casualty insurance industry to offer insurance for risk of public health emergencies after termination of the ,program1 and the availability and affordability of such insurance for various policyholders4 7#b7 ,report ,the ,secretary shall submit a report to the ,congress on the results of the study conducted under paragraph 7#a7 not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act4 7b7 ,analysis of ,market ,conditions for ,public ,health ,emergency ,risk ,insurance 7#a7 ,in general ,the ,president's ,working ,group on ,financial ,markets1 in consultation with the ,national ,association of ,insurance ,commissioners1 representatives of the insurance industry1 representatives of the securities industry1 and representatives of policy holders1 shall perform an ongoing analysis regarding the long-term availability and affordability of insurance for risk of public health emergencies4 7#b7 ,report ,not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act and every two years thereafter1 the ,president's ,working ,group on ,financial ,markets shall submit a report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives on its findings pursuant to the analysis conducted under paragraph 7#a74 7c7 ,availability and ,affordability of ,business ,interruption ,insurance in ,specific ,markets 7#a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study to determine whether there are specific markets in the ,united ,states where there are unique capacity constraints on the amount of business interruption insurance available4 7#b7 ,elements of study ,the study required by paragraph 7#a7 shall contain-- 7,a7 an analysis of both insurance and reinsurance capacity in specific markets1 including pricing and coverage limits in existing policies2 7,b7 an assessment of the factors contributing to any capacity constraints that are identified2 and 7,c7 recommendations for addressing those capacity constraints4 7#c7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,comptroller ,general shall submit a report on the study required by paragraph 7#a7 to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives4 7d7 ,study of ,small ,insurer ,market ,competitiveness 7#a7 ,in general ,not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act and every two years thereafter1 the ,secretary shall conduct a study of small insurers 7as such term is defined by regulation by the ,secretary7 participating in the ,program1 and identify any competitive challenges small insurers face in the business interruption insurance marketplace1 including-- 7,a7 changes to the market share1 premium volume1 and policyholder surplus of small insurers relative to large insurers2 7,b7 how the business interruption insurance market for risk of public health emergencies differs between small and large insurers1 and whether such a difference exists within other perils2 7,c7 the impact of the ,program's availability on small insurers2 7,d7 the effect of increasing the trigger amount for the ,program under section #d7;e77#a77;,b7 on small insurers2 7,e7 the availability and cost of private reinsurance for small insurers2 and 7,f7 the impact that ,state workers compensation laws have on small insurers and workers compensation carriers in the business interruption insurance marketplace4 7#b7 ,report ,the ,secretary shall submit a report to the ,congress setting forth the findings and conclusions of each study required under paragraph 7#a74 #i4 ,termination of ,program 7a7 ,termination ,the ,program shall terminate on ,december #ca1 #bjbg4 7b7 ,continuing authority ,to pay or adjust compensation ,following the termination of the ,program1 the ,secretary may take such actions as may be necessary to ensure payment1 recoupment1 reimbursement1 or adjustment of compensation for insured losses arising out of any covered public health emergency occurring during the period in which the ,program was in effect under this ,act1 in accordance with the provisions of section #d and regulations promulgated thereunder4 7c7 ,repeal2 ,savings clause ,this ,act is repealed on the final termination date of the ,program under subsection 7a71 except that such repeal shall not be construed-- 7#a7 to prevent the ,secretary from taking1 or causing to be taken1 such actions under subsection 7b7 of this section1 paragraph 7#d7 or 7#e7 of section #d7;e71 or subsection 7a77#a71 7c71 7d71 or 7e7 of section #e1 as in effect on the day before the date of such repeal1 or applicable regulations promulgated thereunder1 during any period in which the authority of the ,secretary under subsection 7b7 of this section is in effect2 or 7#b7 to prevent the availability of funding under section #d during any period in which the authority of the ,secretary under subsection 7b7 of this section is in effect4