Small Businesses and Insurers Agree: We Need Legislation Like Maloney’s Pandemic Risk Insurance Act

You can watch the full exchange here[5].

Background

Congresswoman Maloney introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA), on May 26, 2020. 

This legislation will create the Pandemic Risk Reinsurance Program, a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies.

The Pandemic Risk Insurance Act would be an important step in Congress’s prevention efforts against economic losses from future pandemics by both requiring insurance companies to offer business interruption insurance policies that cover pandemics, and creating a Pandemic Risk Reinsurance Program to ensure that there is sufficient capacity to cover these losses and protect our economy in anticipation of a resurgence of COVID-19 and future pandemics. Like the Terrorism Risk Insurance Act (TRIA), the federal government would serve as a backstop to maintain marketplace stability and to share the burden alongside private industry.

Bill text can be found here[6].

A section-by-section summary can be found here[7].

PRIA Endorsing Organizations [55 total]

  1. Marsh & McLennan
  2. National Retail Federation
  3. Council of Insurance Agents & Brokers
  4. U.S. Travel Association
  5. National Association of Professional Insurance Agents
  6. American Society of Association Executives
  7. RIMS, the Risk and Insurance Management Society 
  8. Independent Film & Television Alliance
  9. Swiss Re
  10. Nonprofit New York
  11. University Risk Management and Insurance Association (URMIA)
  12. American Hotel & Lodging Association
  13. International Council of Shopping Centers 
  14. Go LIVE Together
  15. Retail Industry Leaders Association 
  16. International Franchise Association
  17. National Multifamily Housing Council
  18. Small Business Advocacy Council
  19. Society of Independent Show Organizers (SISO)
  20. International Association of Exhibitions and Events (IAEE)
  21. Events Industry Council (EIC)
  22. National Apartment Association
  23. American Apparel & Footwear Association
  24. Partnership for New York City
  25. Healthcare Information and Management Systems Society, Inc. (HIMSS)
  26. International Health, Racquet & Sportsclub Association
  27. Population Association of America
  28. Commission on Independent Colleges and Universities
  29. National Business Aviation Association
  30. Coalition of Endurance Sports Event Organizers
  31. Weill Cornell Medicine
  32. CCIM Institute
  33. National Waste & Recycling Association
  34. Institute of Scrap Recycling Industries
  35. Institute of Real Estate Management
  36. The Travel Technology Association
  37. Travel Goods Association (TGA)
  38. International Warehouse Logistics Association
  39. Transportation Intermediaries Association (TIA)
  40. Quantum XYZ
  41. Accessories Council
  42. American Bridal and Prom Industry Association (ABPIA)
  43. Council of Fashion Designers of America (CFDA)
  44. American Jail Association
  45. Association of Woodworking and Furnishing Supplies
  46. Association of Marina Industries
  47. School Social Work Association of America
  48. National Commission on Correctional Healthcare
  49. National Career Development Association
  50. Tile Council of North America
  51. Modular Building Institute
  52. World Floor Covering Association
  53. Young Audiences Arts for Learning
  54. American Case Management Association
  55. The Minerals, Metals & Materials Society

References

  1. ^ Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers (financialservices.house.gov)
  2. ^ H.R. 7011 (www.congress.gov)
  3. ^ here (www.youtube.com)
  4. ^ here (youtu.be)
  5. ^ here (youtu.be)
  6. ^ here (www.congress.gov)
  7. ^ here (maloney.house.gov)
1 2 3 4 5

Share