,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #fihc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #bb1 #bjbj,mrs4 ,c>olyn ,b4 ,maloney ( ,new ,york 7= h]self1 ,mr4 ,?ompson ( ,cali=nia1 ,ms4 ,norton1 ,ms4 ,de,lauro1 ,ms4 ,jackson ,lee1 ,ms4 ,p+ree1 ,mr4 ,c\rtney1 ,mr4 ,rose ( ,new ,york1 ,mr4 ,cisn]os1 ,mr4 ,gonzalez ( ,texas1 ,ms4 ,port]1 ,mr4 ,t$ ,lieu ( ,cali=nia1 ,miss ,rice ( ,new ,york1 ,mr4 ,gre5 ( ,texas1 ,mr4 ,morelle1 ,mr4 ,meeks1 ,ms4 ,wild1 ,mr4 ,ryan1 ,ms4 ,titus1 ,ms4 ,m5g1 & ,mr4 ,danny ,k4 ,davis ( ,ill9ois7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to e/abli% a ,p&emic ,risk ,re9surance ,program1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,p&emic ,risk ,insurance ,act ( #bjbj4 #b4 ,purpose ,! purpose ( ?is ,act is to e/abli% a ,f$]al program t provides = a transp>5t sy/em ( %>$ public & private comp5sation = bus9ess int]ruption losses result+ f a p&emic or outbreak ( communicable disease1 9 ord] to-- 7#a7 protect consum]s by address+ m>ket disruptions & ensure ! cont9u$ widespread availability & af=dability ( bus9ess int]ruption cov]age = losses result+ f a p&emic or outbreak ( communicative disease2 & 7#b7 all[ = a transitional p]iod = ! private m>kets to /abilize1 resume pric+ ( su* insurance1 & build capacity to absorb any future losses1 :ile pres]v+ ,/ate insurance regulation & consum] protections4 #c4 ,def9itions ,9 ?is ,act1 ! foll[+ def9itions %all apply3 7#a7 ,cov]$ public heal? em]g5cy 7,a7 ,9 g5]al ,! t]m cov]$ public heal? em]g5cy means any outbreak ( infecti\s disease or p&emic-- 7i7 = :i* an em]g5cy is decl>$1 on or aft] ,janu>y #a1 #bjba1 "u ! ,public ,heal? ,s]vice ,act2 & 7ii7 t is c]tifi$ by ! ,secret>y ( ,heal? & ,human ,s]vices1 z a public heal? em]g5cy4 7,b7 ,nondelegation ,! ,secret>y may n delegate or designate to any o!r (fic]1 employee1 or p]son1 any det]m9ation "u ?is p>agraph ( :e!r1 dur+ ! effective p]iod ( ! ,program1 a cov]$ public heal? em]g5cy has occurr$4 7#b7 ,affiliate ,! t]m affiliate means1 ) respect to an p>ticipat+ insur]1 any entity t controls1 is controll$ by1 or is "u common control ) ! insur]4 7#c7 ,bus9ess int]ruption insurance ,! t]m bus9ess int]ruption insurance means comm]cial l9es ( prop]ty & casualty insurance cov]age1 includ+ ev5t cancellation insurance or o!r non-prop]ty cont+5t bus9ess int]ruption insurance1 provid$ or made available = losses result+ f p]iods ( susp5d$ bus9ess op]ations1 includ+ losses f a cov]$ public heal? em]g5cy1 or a civil ord] relat$ to a cov]$ public heal? em]g5cy1 :e!r provid$ "u broad] cov]age = prop]ty & casualty losses or sep>ately4 7#d7 ,control 7,a7 ,9 g5]al ,an entity has control ov] ano!r entity1 if-- 7i7 ! entity directly or indirectly or act+ ?r\gh #a or m o!r p]sons owns1 controls1 or has p[] to vote #be p]c5t or m ( any class ( vot+ securities ( ! o!r entity2 7ii7 ! entity controls 9 any mann] ! election ( a majority ( ! directors or tru/ees ( ! o!r entity2 or 7iii7 ! ,secret>y det]m9es1 aft] notice & opportunity = he>+1 t ! entity directly or indirectly ex]cises a controll+ influ5ce ov] ! managem5t or policies ( ! o!r entity4 7,b7 ,rule ( con/ruction ,an entity1 includ+ any affiliate !re(1 does n h control ov] ano!r entity1 if1 z ( ! date ( enactm5t ( ! ,act1 ! entity is act+ z an attorney-9-fact1 z def9$ by ! ,secret>y1 = ! o!r entity & su* o!r entity is a reciprocal insur]1 provid$ t ! entity is n1 = reasons o!r ?an ! attorney-9-fact relation%ip1 def9$ z hav+ control "u subp>agraph 7,a74 7#e7 ,direct e>n$ premium ,! t]m direct e>n$ premium means a direct e>n$ premium = prop]ty & casualty insurance issu$ by any p>ticipat+ insur] = insurance aga9/ losses occurr+ 9 ! ,unit$ ,/ates4 7#f7 ,ev5t ,! t]m ev5t means a trade %[1 consum] %[1 exhibition1 fair1 conf]5ce1 conv5tion1 meet+1 sem9>1 *>ity ev5t1 auction1 gala d9n]1 competition1 sport+ ev5t1 or o!r simil> ev5t4 7#g7 ,ev5t cancellation insurance ,! t]m ev5t cancellation insurance means insurance t indemnifies an insur$ = losses t occur z a consequ5ce (-- 7,a7 cancellation1 ab&onm5t1 or res*$ul+ ( an ev5t2 or 7,b7 non-appe>ance at an ev5t ( a pr9cipal speak]4 7#h7 ,insur$ loss ,! t]m insur$ loss means any loss result+ f a cov]$ public heal? em]g5cy t is cov]$ by prim>y or excess bus9ess int]ruption insurance issu$ by a p>ticipat+ insur] if su* loss occurs-- 7,a7 )9 ! ,unit$ ,/ates2 & 7,b7 dur+ ! p]iod t ! cov]$ public heal? em]g5cy = su* area is 9 effect4 7#i7 ,insur] ,! t]m insur] means any entity1 includ+ any affiliate !re(-- 7,a7 t is-- 7i7 lic5s$ or admitt$ to engage 9 ! bus9ess ( provid+ prim>y or excess insurance 9 any ,/ate2 7ii7 n lic5s$ or admitt$ z describ$ 9 clause 7i71 if x is an eligible surplus l9e c>ri] li/$ on ! ,qu>t]ly ,li/+ ( ,ali5 ,insur]s ( ! ,,naic1 or any successor !reto2 7iii7 approv$ = ! purpose ( (f]+ prop]ty & casualty insurance by a ,f$]al ag5cy 9 connection ) m>itime1 en]gy1 or aviation activity2 7iv7 a ,/ate residual m>ket insurance entity or ,/ate work]s' comp5sation fund2 or 7v7 any o!r entity describ$ 9 section #d7;f71 to ! ext5t provid$ 9 ! rules ( ! ,secret>y issu$ "u section #d7;f72 7,b7 t receives direct e>n$ premiums = any type ( comm]cial prop]ty & casualty insurance cov]age1 o!r ?an 9 ! case ( entities describ$ 9 subsections 7d7 & 7f7 ( section #d2 & 7,c7 t meets any o!r crit]ia t ! ,secret>y may reasonably prescribe4 ,su* t]m includes captive insur]s & o!r self-insurance arrangem5ts by municipalities & o!r entities 7su* z work]s' comp5sation self-insurance programs & ,/ate work]s' comp5sation re9surance pools74 7#aj7 ,insur] d$uctible ,! t]m insur] d$uctible means1 ) respect to a p>ticipat+ insur]-- 7,a7 ! value ( ! p>ticipat+ insur]'s direct e>n$ premiums dur+ ! imm$iately prec$+ cal5d> ye>1 multipli$ by #e p]c5t2 & 7,b7 not)/&+ subp>agraph 7,a71 = any cal5d> ye>1 if a p>ticipat+ insur] has n _h a full ye> ( op]ations dur+ ! cal5d> ye> imm$iately prec$+ su* cal5d> ye>1 su* portion ( ! direct e>n$ premiums ( ! p>ticipat+ insur] z ! ,secret>y det]m9es appropriate1 subject to appropriate me?odologies e/abli%$ by ! ,secret>y = measur+ su* direct e>n$ premiums4 7#aa7 ,,naic ,! t]m ,,naic means ! ,national ,association ( ,insurance ,commission]s4 7#ab7 ,p>ticipat+ insur] ,! t]m p>ticipat+ insur] means1 ) respect to a cal5d> ye>1 an insur] t has elect$ pursuant to section #d7;a77#c7 to p>ticipate 9 ! ,p&emic ,risk ,re9surance ,program "u ?is ,act = su* cal5d> ye>4 7#ac7 ,p]son ,! t]m p]son means any individual1 bus9ess or nonpr(it entity 7includ+ ^? organiz$ 9 ! =m ( a p>tn]%ip1 limit$ liability company1 corporation1 or association71 tru/ or e/ate1 or a ,/ate or political subdivision ( a ,/ate or o!r gov]nm5tal unit4 7#ad7 ,program ,! t]m ,program means ! ,p&emic ,risk ,re9surance ,program e/abli%$ by ?is ,act4 7#ae7 ,prop]ty & casualty insurance ,! t]m prop]ty & casualty insurance-- 7,a7 means comm]cial l9es ( prop]ty & casualty insurance1 includ+ excess insurance1 work]s' comp5sation insurance1 & ev5t cancellation insurance2 & 7,b7 does n include-- 7i7 ,f$]al crop insurance issu$ or re9sur$ "u ! ,f$]al ,crop ,insurance ,act 7#g ,u4,s4,c4 #aeja et seq471 or any o!r type ( crop or live/ock insurance t is privately issu$ or re9sur$2 7ii7 private mortgage insurance 7z su* t]m is def9$ 9 section #b ( ! ,home[n]s ,protection ,act ( #aiih 7#ab ,u4,s4,c4 #dija77 or title insurance2 7iii7 f9ancial gu>anty insurance issu$ by monol9e f9ancial gu>anty insurance corporations2 7iv7 insurance = m$ical malpractice2 7v7 heal? or life insurance1 includ+ gr\p life insurance2 7vi7 flood insurance provid$ "u ! ,national ,flood ,insurance ,act ( #aifh 7#db ,u4,s4,c4 #djja et seq472 7vii7 re9surance or retrocessional re9surance2 7viii7 comm]cial automobile insurance2 7ix7 burgl>y & !ft insurance2 7x7 surety insurance2 7xi7 pr(essional liability insurance2 or 7xii7 f>m own]s multiple p]il insurance4 7#af7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#ag7 ,/ate ,! t]m ,/ate means any ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,am]ican ,samoa1 ,guam1 ea* ( ! ,unit$ ,/ates ,virg9 ,isl&s1 & any t]ritory or possession ( ! ,unit$ ,/ates4 7#ah7 ,unit$ /ates ,! t]m ,unit$ ,/ates means ! sev]al ,/ates4 7#ai7 ,rule ( con/ruction = dates ,) respect to any ref]5ce to a date 9 ?is ,act1 su* day %all be con/ru$-- 7,a7 to beg9 at #ab3ja a4m4 on t date2 & 7,b7 to end at midnight on t date4 #d4 ,p&emic ,risk ,re9surance ,program 7a7 ,e/abli%m5t ( ,program 7#a7 ,9 g5]al ,!re is e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury ! ,p&emic ,risk ,re9surance ,program4 7#b7 ,au?ority ( ! secret>y ,not)/&+ any o!r provision ( ,/ate or ,f$]al law1 ! ,secret>y %all adm9i/] ! ,program1 & %all pay ! ,f$]al %>e ( comp5sation = insur$ losses 9 accordance ) subsection 7e74 7#c7 ,volunt>y p>ticipation 7,a7 ,eligibility ,ea* entity t meets ! def9ition ( an insur] "u ?is ,act may p>ticipate 9 ! ,program4 7,b7 ,election ,! ,secret>y %all provide a process by :i* insur]s may elect to p>ticipate 9 ! ,program1 ) respect to a cal5d> ye>4 7#d7 ,treatm5t ( exi/+ policies ,?is ,act may n be con/ru$ to affect any policy = bus9ess int]ruption insurance 9 =ce on ! date ( ! enactm5t ( ?is ,act4 7b7 ,conditions = ,f$]al ,paym5ts ,no paym5t may be made by ! ,secret>y "u ?is section ) respect to an insur$ loss t is cov]$ by a p>ticipat+ insur]1 unless-- 7#a7 ! p]son t suff]s ! insur$ loss1 or a p]son act+ on behalf ( t p]son1 files a claim ) ! p>ticipat+ insur]2 7#b7 ! p>ticipat+ insur] provides cle> & conspicu\s disclosure to ! policyhold] ( ! premium *>g$ = insur$ losses cov]$ by ! ,program & ! ,f$]al %>e ( comp5sation = insur$ losses "u ! ,program-- 7,a7 9 ! case ( any policy t is issu$ be=e ! date ( enactm5t ( ?is ,act1 n lat] ?an #ij days aft] t date ( enactm5t2 7,b7 9 ! case ( any policy t is issu$ )9 #ij days ( ! date ( enactm5t ( ?is ,act1 at ! "t ( (f] & r5ewal ( ! policy2 & 7,c7 9 ! case ( any policy t is issu$ m ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 on a sep>ate l9e item 9 ! policy1 at ! "t ( (f] & r5ewal ( ! policy2 7#c7 9 ! case ( any policy t is issu$ aft] ! date ( enactm5t ( ?is ,act1 ! p>ticipat+ insur] provides cle> & conspicu\s disclosure to ! policyhold] ( ! exi/5ce ( ! #gej1jjj1jjj1jjj cap "u subsection 7e77#b71 at ! "t ( (f]1 pur*ase1 & r5ewal ( ! policy2 7#d7 ! p>ticipat+ insur] processes ! claim = ! insur$ loss 9 accordance ) appropriate bus9ess practices1 & any reasonable proc$ures t ! ,secret>y may prescribe2 & 7#e7 ! p>ticipat+ insur] submits to ! ,secret>y1 9 accordance ) su* reasonable proc$ures z ! ,secret>y may e/abli%-- 7,a7 a claim = paym5t ( ! ,f$]al %>e ( comp5sation = insur$ losses "u ! ,program2 7,b7 writt5 c]tification-- 7i7 ( ! und]ly+ claim2 & 7ii7 ( all paym5ts made = insur$ losses2 & 7,c7 c]tification ( its compliance ) ! provisions ( ?is subsection4 7c7 ,m&atory availability ( cov]age = cov]$ public heal? em]g5cies "u bus9ess int]ruption cov]age ,dur+ ea* cal5d> ye>1 ea* p>ticipat+ insur] %all1 ) respect to su* ye>-- 7#a7 make available1 9 all ( its bus9ess int]ruption insurance policies1 cov]age = insur$ losses2 & 7#b7 make available bus9ess int]ruption insurance cov]age = insur$ losses t does n diff] mat]ially f ! t]ms1 conditions1 am\nts1 limits1 d$uctibles1 or self-insur$ ret5tions & o!r cov]age grants1 limitations1 & exclusions applicable to losses aris+ f ev5ts o!r ?an public heal? em]g5cies4 7d7 ,/ate ,residual ,m>ket ,insurance ,entities 7#a7 ,9 g5]al ,! ,secret>y %all issue regulations1 z soon z practicable aft] ! date ( enactm5t ( ?is ,act1 t apply ! provisions ( ?is ,act to ,/ate residual m>ket insurance entities & ,/ate work]s' comp5sation funds4 7#b7 ,treatm5t ( c]ta9 entities ,= purposes ( ! regulations issu$ pursuant to p>agraph 7#a7-- 7,a7 a ,/ate residual m>ket insurance entity t does n %>e its pr(its & losses ) private sector insur]s %all be treat$ z a sep>ate insur]2 & 7,b7 a ,/ate residual m>ket insurance entity t %>es its pr(its & losses ) private sector insur]s %all n be treat$ z a sep>ate insur]1 & %all report to ea* private sector insurance p>ticipant its %>e ( ! insur$ losses ( ! entity1 :i* %all be includ$ 9 ea* private sector p>ticipat+ insur]'s insur$ losses4 7#c7 ,treatm5t ( p>ticipation 9 c]ta9 entities ,any p>ticipat+ insur] t p>ticipates 9 %>+ pr(its & losses ( a ,/ate residual m>ket insurance entity %all include 9 its calculations ( premiums any premiums di/ribut$ to ! p>ticipat+ insur] by ! ,/ate residual m>ket insurance entity4 7e7 ,re9surance = insur$ losses 7#a7 ,f$]al %>e ( comp5sation 7,a7 ,9 g5]al ,! ,f$]al %>e ( comp5sation "u ! ,program to be paid by ! ,secret>y = insur$ losses ( an p>ticipat+ insur] dur+ ea* cal5d> ye> %all be equal to #ie p]c5t ( t portion ( ! am\nt ( su* insur$ losses t exce$s ! applicable insur] d$uctible requir$ to be paid dur+ su* cal5d> ye>4 7,b7 ,program trigg] ,9 ! case ( a cov]$ public heal? em]g5cy comm5c+ aft] ! date on :i* ! ,secret>y issues f9al regulations pursuant to p>agraph 7#b77;,b77ii71 no comp5sation %all be paid by ! ,secret>y "u subsection 7a7 unless ! aggregate indu/ry insur$ losses = p>ticipat+ insur]s result+ f su* cov]$ public heal? em]g5cy exce$ #bej1jjj1jjj4 7,c7 ,prohibition on duplicative comp5sation ,! ,f$]al %>e ( comp5sation = insur$ losses "u ! ,program %all be r$uc$ by ! am\nt ( comp5sation provid$ by ! ,f$]al ,gov]nm5t to any p]son "u any o!r ,f$]al program = ^? insur$ losses4 7#b7 ,cap on annual liability 7,a7 ,9 g5]al ,not)/&+ p>agraph 7#a7 or any o!r provision ( ,f$]al or ,/ate law1 if ! aggregate insur$ losses exce$ #gej1jjj1jjj1jjj1 dur+ a cal5d> ye>-- 7i7 ! ,secret>y %all n make any paym5t "u ?is ,act = any portion ( ! am\nt ( su* losses t exce$s #gej1jjj1jjj1jjj2 & 7ii7 no p>ticipat+ insur] t has met its insur] d$uctible %all be liable = ! paym5t ( any am\nts "u subp>agraph 7,b74 7,b7 ,insur] %>e 7i7 ,9 g5]al ,= purposes ( subp>agraph 7,a71 ! ,secret>y %all det]m9e ! pro rata %>e ( insur$ losses to be paid by ea* p>ticipat+ insur] t incurs insur$ losses "u ! ,program1 except t1 not)/&+ p>agraph 7#a7 or any o!r provision ( ,f$]al or ,/ate law1 no p>ticipat+ insur] may be requir$ to make any paym5t = insur$ losses 9 excess ( its d$uctible "u section #c7h7 comb9$ ) its %>e ( insur$ losses "u p>agraph 7#a77;,a7 ( ?is subsection4 7ii7 ,regulations ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all issue f9al regulations = det]m9+ ! pro rata %>e ( insur$ losses "u ! ,program :5 insur$ losses exce$ #gej1jjj1jjj1jjj1 9 accordance ) clause 7i74 7iii7 ,report to congress ,n lat] ?an #abj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all provide a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives describ+ ! process to be us$ by ! ,secret>y = det]m9+ ! allocation ( pro rata paym5ts = insur$ losses "u ! ,program :5 su* losses exce$ #gej1jjj1jjj1jjj4 7#c7 ,notice to congress ,! ,secret>y %all notify ! ,congress if e/imat$ or actual aggregate insur$ losses exce$ #gej1jjj1jjj1jjj dur+ any cal5d> ye>4 ,! ,secret>y %all provide an initial notice to ,congress n lat] ?an #ae days aft] ! end ( a cov]$ public heal? em]g5cy1 /at+ :e!r ! ,secret>y e/imates t aggregate insur$ losses w exce$ #gej1jjj1jjj1jjj4 7#d7 ,f9al nett+ ,! ,secret>y %all h sole discretion to det]m9e ! "t at :i* claims relat+ to any insur$ loss or cov]$ public heal? em]g5cy %all become f9al4 7#e7 ,det]m9ations f9al ,any det]m9ation ( ! ,secret>y "u ?is subsection %all be f9al1 unless expressly provid$1 & %all n be subject to judicial review4 7f7 ,captive ,insur]s & ,o!r ,self-,insurance ,arrangem5ts ,! ,secret>y may1 9 consultation ) ! ,,naic or ! appropriate ,/ate regulatory au?ority1 apply ! provisions ( ?is ,act1 z appropriate1 to o!r classes or types ( captive insur]s & o!r self-insurance arrangem5ts by municipalities & o!r entities 7su* z work]s' comp5sation self-insurance programs & ,/ate work]s' comp5sation re9surance pools71 b only if su* application is det]m9$ be=e ! comm5cem5t ( a cov]$ public heal? em]g5cy 9 :i* su* an entity incurs an insur$ loss & all ( ! provisions ( ?is ,act are appli$ comp>ably to su* entities4 7g7 ,re9surance ,to ,cov] ,exposure 7#a7 ,obta9+ cov]age ,?is ,act may n be con/ru$ to limit or prev5t insur]s f obta9+ re9surance cov]age = insur] d$uctibles or insur$ losses reta9$ by insur]s pursuant to ?is section1 nor %all ! obta9+ ( su* cov]age affect ! calculation ( su* d$uctibles4 7#b7 ,limitation on f9ancial assi/ance ,! am\nt ( f9ancial assi/ance provid$ pursuant to ?is section %all n be r$uc$ by re9surance paid or payable to an insur] f o!r s\rces1 except t recov]ies f su* o!r s\rces1 tak5 toge!r ) f9ancial assi/ance = ! cal5d> ye> provid$ pursuant to ?is section1 may n exce$ ! aggregate am\nt ( ! insur]'s insur$ losses = ! cal5d> ye>4 ,if su* recov]ies & f9ancial assi/ance = ! cal5d> ye> exce$ su* aggregate am\nt ( insur$ losses = ! cal5d> ye> & !re is no agreem5t betwe5 ! insur] & any re9sur] to ! contr>y1 an am\nt 9 excess ( su* aggregate insur$ losses %all be return$ to ! ,secret>y4 #e4 ,g5]al au?ority & adm9i/ration ( claims 7a7 ,g5]al ,au?ority ,! ,secret>y %all h ! p[]s & au?orities necess>y to c>ry out ! ,program1 includ+ au?ority-- 7#a7 to inve/igate & audit all claims "u ! ,program2 & 7#b7 to prescribe regulations & proc$ures to effectively adm9i/] & implem5t ! ,program1 & to ensure t all p>ticipat+ insur]s & self-insur$ entities are treat$ comp>ably "u ! ,program4 7b7 ,int]im ,rules & ,proc$ures ,! ,secret>y may issue int]im f9al rules or proc$ures specify+ ! mann] 9 :i*-- 7#a7 insur]s may file & c]tify claims "u ! ,program2 7#b7 ! ,f$]al %>e ( comp5sation = insur$ losses w be paid "u ! ,program1 includ+ paym5ts bas$ on e/imates ( or actual insur$ losses2 7#c7 ! ,secret>y may1 at any "t1 seek repaym5t f or reimburse any insur]1 bas$ on e/imates ( insur$ losses "u ! ,program1 to effectuate ! insur$ loss %>+ provisions 9 section #d2 & 7#d7 ! ,secret>y w det]m9e any f9al nett+ ( paym5ts "u ! ,program1 includ+ paym5ts ow$ to ! ,f$]al ,gov]nm5t f any insur] & any ,f$]al %>e ( comp5sation = insur$ losses ow$ to any insur]1 to effectuate ! insur$ loss %>+ provisions 9 section #d4 7c7 ,consultation ,! ,secret>y %all consult ) ! ,,naic1 z ! ,secret>y det]m9es appropriate1 conc]n+ ! ,program4 7d7 ,contracts = ,s]vices ,! ,secret>y may employ p]sons or contract = s]vices z may be necess>y to implem5t ! ,program4 7e7 ,submission ( ,premium ,in=mation 7#a7 ,9 g5]al ,! ,secret>y %all annually compile in=mation on ! bus9ess int]ruption insurance premium rates ( insur]s = ! prec$+ ye>4 7#b7 ,access to in=mation ,to ! ext5t t su* in=mation is n o!rwise available to ! ,secret>y1 ! ,secret>y may require ea* insur] to submit to ! ,,naic bus9ess int]ruption insurance premium rates1 z necess>y to c>ry out p>agraph 7#a71 & ! ,,naic %all make su* in=mation available to ! ,secret>y4 7#c7 ,availability to congress ,! ,secret>y %all make in=mation compil$ "u ?is subsection available to ! ,congress1 ^u reque/4 7f7 ,report+ ( ,bus9ess ,int]ruption ,insurance ,data 7#a7 ,au?ority ,beg9n+ ^u ! date ( ! enactm5t ( ?is ,act1 9 ea* cal5d> ye>1 ! ,secret>y %all require p>ticipat+ insur]s to submit to ! ,secret>y su* in=mation reg>d+ losses ( su* insur]s1 "u insurance cov]age = bus9ess int]ruption1 result+ f public heal? em]g5cies z ! ,secret>y consid]s appropriate to analyze ! effectiv5ess ( ! ,program1 :i* %all include in=mation reg>d+-- 7,a7 l9es ( insurance ) exposure to su* losses2 7,b7 premiums e>n$ on su* cov]age2 7,c7 geographical location ( exposures2 7,d7 pric+ ( su* cov]age2 7,e7 ! take-up rate = su* cov]age2 7,f7 ! am\nt ( private re9surance = losses result+ f public heal? em]g5cies pur*as$2 & 7,g7 su* o!r matt]s z ! ,secret>y consid]s appropriate4 7#b7 ,reports ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ?is ,act & annually !reaft]1 ! ,secret>y %all submit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate t includes-- 7,a7 an analysis ( ! ov]all effectiv5ess ( ! ,program2 7,b7 an evaluation ( ! availability & af=dability ( bus9ess int]ruption insurance = losses result+ f public heal? em]g5cies2 7,c7 an evaluation ( any *anges or tr5ds 9 ! data collect$ "u p>agraph 7#a72 7,d7 an evaluation ( :e!r any aspects ( ! ,program h ! effect ( disc\rag+ or imp$+ insur]s f provid+ bus9ess int]ruption insurance cov]age or cov]age = public heal? em]g5cies2 7,e7 an evaluation ( ! impact ( ! ,program on work]s' comp5sation insur]s2 & 7,f7 9 ! case ( ! data report$ 9 p>agraph 7#a77;,b71 an updat$ e/imate ( ! total am\nt e>n$ s9ce ! fir/ ,janu>y #a occurr+ aft] ! date ( ! enactm5t ( ?is ,act4 7#c7 ,protection ( data ,to ! ext5t possible1 ! ,secret>y %all contract ) an insurance /ati/ical aggregator to collect ! in=mation describ$ 9 p>agraph 7#a71 :i* %all keep any nonpublic in=mation confid5tial & provide x to ! ,secret>y 9 an aggregate =m or 9 su* o!r =m or mann] t does n p]mit id5tification ( ! insur] submitt+ su* in=mation4 7#d7 ,advance coord9ation ,be=e collect+ any data or in=mation "u p>agraph 7#a7 f an insur]1 or affiliate ( an insur]1 ! ,secret>y %all coord9ate ) ! appropriate ,/ate insurance regulatory au?orities & any relevant gov]nm5t ag5cy or publicly available s\rces to det]m9e if ! in=mation to be collect$ is available f1 & may be obta9$ 9 a timely mann] by1 individually or collectively1 su* entities4 ,if ! ,secret>y det]m9es t su* data or in=mation is available1 & may be obta9$ 9 a timely matt]1 f su* entities1 ! ,secret>y %all obta9 ! data or in=mation f su* entities4 ,if ! ,secret>y det]m9es t su* data or in=mation is n s available1 ! ,secret>y may collect su* data or in=mation f an insur] & affiliates4 7#e7 ,confid5tiality 7,a7 ,ret5tion ( privilege ,! submission ( any non-publicly available data & in=mation to ! ,secret>y & ! %>+ ( any non-publicly available data ) or by ! ,secret>y among o!r ,f$]al ag5cies1 ! ,/ate insurance regulatory au?orities1 or any o!r entities "u ?is subsection %all n con/itute a waiv] (1 or o!rwise affect1 any privilege aris+ "u ,f$]al or ,/ate law 7includ+ ! rules ( any ,f$]al or ,/ate c\rt7 to :i* ! data or in=mation is o!rwise subject4 7,b7 ,cont9u$ application ( prior confid5tiality agreem5ts ,any requirem5t "u ,f$]al or ,/ate law to ! ext5t o!rwise applicable1 or any requirem5t pursuant to a writt5 agreem5t 9 effect betwe5 ! orig9al s\rce ( any non-publicly available data or in=mation & ! s\rce ( su* data or in=mation to ! ,secret>y1 reg>d+ ! privacy or confid5tiality ( any data or in=mation 9 ! possession ( ! s\rce to ! ,secret>y1 %all cont9ue to apply to su* data or in=mation aft] ! data or in=mation has be5 provid$ pursuant to ?is subsection4 7,c7 ,in=mation-%>+ agreem5t ,any data or in=mation obta9$ by ! ,secret>y "u ?is subsection may be made available to ,/ate insurance regulatory au?orities1 individually or collectively1 ?r\gh an in=mation-%>+ agreem5t t-- 7i7 %all comply ) applicable ,f$]al law2 & 7ii7 %all n con/itute a waiv] (1 or o!rwise affect1 any privilege "u ,f$]al or ,/ate law 7includ+ any privilege ref]r$ to 9 subp>agraph 7,a7 & ! rules ( any ,f$]al or ,/ate c\rt7 to :i* ! data or in=mation is o!rwise subject4 7,d7 ,ag5cy disclosure requirem5ts ,section #eeb ( title #e1 ,unit$ ,/ates ,code1 includ+ any exceptions !reund]1 %all apply to any data or in=mation submitt$ "u ?is subsection to ! ,secret>y by an insur] or affiliate ( an insur]4 #f4 ,preemption & nullification ( pre-exi/+ exclusions 7a7 ,g5]al ,nullification ,any exclusion 9 a contract ( a p>ticipat+ insur] = bus9ess int]ruption insurance t is 9 =ce on ! date ( enactm5t ( ?is ,act %all be void to ! ext5t t x excludes losses t w\ld o!rwise be insur$ losses "u ! ,program4 7b7 ,g5]al ,preemption ,any ,/ate approval ( any exclusion f a contract ( a p>ticipat+ insur] = bus9ess int]ruption insurance t is 9 =ce on ! date ( enactm5t ( ?is ,act1 %all be void to ! ext5t t x excludes losses t w\ld o!rwise be insur$ losses "u ! ,program4 7c7 ,re9/atem5t ( ,exclusions ,not)/&+ subsections 7a7 & 7b7 or any provision ( ,/ate law1 a p>ticipat+ insur] may re9/ate a preexi/+ provision 9 a contract = bus9ess int]ruption insurance t is 9 =ce on ! date ( enactm5t ( ?is ,act & t excludes cov]age = loss result+ f a cov]$ public heal? em]g5cy only-- 7#a7 if ! p>ticipat+ insur] has receiv$ a writt5 /atem5t f ! insur$ t affirmatively au?orizes su* re9/atem5t2 or 7#b7 = contracts 9 effect = less ?an #e mon?s-- 7,a7 ! insur$ fails to pay any increas$ premium *>g$ by ! p>ticipat+ insur] = provid+ su* cov]age = cov]$ public heal? em]g5cies1 b only if su* premium does n increase by m ?an #ae p]c5t2 & 7,b7 ! p>ticipat+ insur] provid$ notice1 at lea/ #cj days be=e any su* re9/atem5t1 (-- 7i7 ! increas$ premium = su* cov]$ public heal? em]g5cy cov]age2 & 7ii7 ! rights ( ! insur$ ) respect to su* cov]age1 includ+ any date ^u :i* ! exclusion w\ld be re9/at$ if no paym5t is receiv$4 #g4 ,pres]vation provisions 7a7 ,/ate ,law ,no?+ 9 ?is ,act %all affect ! jurisdiction or regulatory au?ority ( ! insurance commission] 7or any ag5cy or (fice p]=m+ l functions7 ( any ,/ate ov] any insur] or o!r p]son-- 7#a7 except z specifically provid$ 9 ?is ,act2 & 7#b7 except t-- 7,a7 ! def9ition ( ! t]m cov]$ public heal? em]g5cy 9 section #c %all be ! exclusive def9ition ( t t]m = purposes ( comp5sation = insur$ losses "u ?is ,act1 & %all preempt any provision ( ,/ate law t is inconsi/5t ) t def9ition1 to ! ext5t t su* provision ( law w\ld o!rwise apply to any type ( insurance cov]$ by ?is ,act2 7,b7 dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ,decemb] #ca1 #bjbj1 rates & =ms = bus9ess int]ruption insurance cov]$ by ?is ,act & fil$ ) any ,/ate %all n be subject to prior approval or a wait+ p]iod "u any law ( a ,/ate t w\ld o!rwise be applicable1 except t no?+ 9 ?is ,act affects ! ability ( any ,/ate to invalidate a rate z excessive1 inadequate1 or unfairly discrim9atory1 &1 ) respect to =ms1 :]e a ,/ate has prior approval au?ority1 x %all apply to all[ subsequ5t review ( su* =ms2 & 7,c7 dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & = s long z ! ,program is 9 effect1 z provid$ 9 section #i1 includ+ au?ority 9 subsection #bjh7;b71 books & records ( any insur] t are relevant to ! ,program %all be provid$1 or caus$ to be provid$1 to ! ,secret>y1 ^u reque/ by ! ,secret>y1 not)/&+ any provision ( ! laws ( any ,/ate prohibit+ or limit+ su* access4 7b7 ,exi/+ ,re9surance ,agreem5ts ,no?+ 9 ?is ,act %all be con/ru$ to alt]1 am5d1 or exp& ! t]ms ( cov]age "u any re9surance agreem5t 9 effect on ! date ( enactm5t ( ?is ,act4 ,! t]ms & conditions ( su* an agreem5t %all be det]m9$ by ! language ( t agreem5t4 #h4 ,/udy & analyses 7a7 ,/udy & ,report on ! ,program 7#a7 ,/udy ,! ,secret>y1 9 consultation ) ! ,,naic1 repres5tatives ( ! insurance indu/ry & ( policy hold]s1 o!r exp]ts 9 ! insurance field1 & o!r exp]ts z ne$$1 %all assess ! effectiv5ess ( ! ,program & ! likely capacity ( ! prop]ty & casualty insurance indu/ry to (f] insurance = risk ( public heal? em]g5cies aft] t]m9ation ( ! ,program1 & ! availability & af=dability ( su* insurance = v>i\s policyhold]s4 7#b7 ,report ,! ,secret>y %all submit a report to ! ,congress on ! results ( ! /udy conduct$ "u p>agraph 7#a7 n lat] ?an ! expiration ( ! #ab-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 7b7 ,analysis ( ,m>ket ,conditions = ,public ,heal? ,em]g5cy ,risk ,insurance 7#a7 ,9 g5]al ,! ,presid5t's ,work+ ,gr\p on ,f9ancial ,m>kets1 9 consultation ) ! ,national ,association ( ,insurance ,commission]s1 repres5tatives ( ! insurance indu/ry1 repres5tatives ( ! securities indu/ry1 & repres5tatives ( policy hold]s1 %all p]=m an ongo+ analysis reg>d+ ! long-t]m availability & af=dability ( insurance = risk ( public heal? em]g5cies4 7#b7 ,report ,n lat] ?an ! expiration ( ! #ab-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act & e two ye>s !reaft]1 ! ,presid5t's ,work+ ,gr\p on ,f9ancial ,m>kets %all submit a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on its f9d+s pursuant to ! analysis conduct$ "u p>agraph 7#a74 7c7 ,availability & ,af=dability ( ,bus9ess ,int]ruption ,insurance 9 ,specific ,m>kets 7#a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to det]m9e :e!r !re are specific m>kets 9 ! ,unit$ ,/ates :]e !re are unique capacity con/ra9ts on ! am\nt ( bus9ess int]ruption insurance available4 7#b7 ,elem5ts ( /udy ,! /udy requir$ by p>agraph 7#a7 %all conta9-- 7,a7 an analysis ( bo? insurance & re9surance capacity 9 specific m>kets1 includ+ pric+ & cov]age limits 9 exi/+ policies2 7,b7 an assessm5t ( ! factors contribut+ to any capacity con/ra9ts t are id5tifi$2 & 7,c7 recomm5dations = address+ ^? capacity con/ra9ts4 7#c7 ,report ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all submit a report on ! /udy requir$ by p>agraph 7#a7 to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 7d7 ,/udy ( ,small ,insur] ,m>ket ,competitiv5ess 7#a7 ,9 g5]al ,n lat] ?an ! expiration ( ! #ab-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act & e two ye>s !reaft]1 ! ,secret>y %all conduct a /udy ( small insur]s 7z su* t]m is def9$ by regulation by ! ,secret>y7 p>ticipat+ 9 ! ,program1 & id5tify any competitive *all5ges small insur]s face 9 ! bus9ess int]ruption insurance m>ketplace1 includ+-- 7,a7 *anges to ! m>ket %>e1 premium volume1 & policyhold] surplus ( small insur]s relative to l>ge insur]s2 7,b7 h[ ! bus9ess int]ruption insurance m>ket = risk ( public heal? em]g5cies diff]s betwe5 small & l>ge insur]s1 & :e!r su* a diff]5ce exi/s )9 o!r p]ils2 7,c7 ! impact ( ! ,program's availability on small insur]s2 7,d7 ! effect ( increas+ ! trigg] am\nt = ! ,program "u section #d7;e77#a77;,b7 on small insur]s2 7,e7 ! availability & co/ ( private re9surance = small insur]s2 & 7,f7 ! impact t ,/ate work]s comp5sation laws h on small insur]s & work]s comp5sation c>ri]s 9 ! bus9ess int]ruption insurance m>ketplace4 7#b7 ,report ,! ,secret>y %all submit a report to ! ,congress sett+ =? ! f9d+s & conclusions ( ea* /udy requir$ "u p>agraph 7#a74 #i4 ,t]m9ation ( ,program 7a7 ,t]m9ation ,! ,program %all t]m9ate on ,decemb] #ca1 #bjbg4 7b7 ,cont9u+ au?ority ,to pay or adju/ comp5sation ,foll[+ ! t]m9ation ( ! ,program1 ! ,secret>y may take su* actions z may be necess>y to ensure paym5t1 rec\pm5t1 reimbursem5t1 or adju/m5t ( comp5sation = insur$ losses aris+ out ( any cov]$ public heal? em]g5cy occurr+ dur+ ! p]iod 9 :i* ! ,program 0 9 effect "u ?is ,act1 9 accordance ) ! provisions ( section #d & regulations promulgat$ !reund]4 7c7 ,repeal2 ,sav+s clause ,?is ,act is repeal$ on ! f9al t]m9ation date ( ! ,program "u subsection 7a71 except t su* repeal %all n be con/ru$-- 7#a7 to prev5t ! ,secret>y f tak+1 or caus+ to be tak51 su* actions "u subsection 7b7 ( ?is section1 p>agraph 7#d7 or 7#e7 ( section #d7;e71 or subsection 7a77#a71 7c71 7d71 or 7e7 ( section #e1 z 9 effect on ! day be=e ! date ( su* repeal1 or applicable regulations promulgat$ !reund]1 dur+ any p]iod 9 :i* ! au?ority ( ! ,secret>y "u subsection 7b7 ( ?is section is 9 effect2 or 7#b7 to prev5t ! availability ( fund+ "u section #d dur+ any p]iod 9 :i* ! au?ority ( ! ,secret>y "u subsection 7b7 ( ?is section is 9 effect4