The House Financial Services Committee will hold a hearing today at 10 a.m. EDT titled "Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers." Witnesses will testify on the current state of insurance policies amid the pandemic, including business interruption insurance, and examine government policies and consider proposals to improve going forward. Legislation to be considered includes H.R. 7011, the "Pandemic Risk Insurance Act" sponsored by Rep. Carolyn Maloney (D-N.Y.) that would establish the Pandemic Risk Insurance Program to create a federal backstop for businesses that experience losses and events that are canceled following a pandemic. A legislative discussion draft would also be considered that would direct the Treasury Department’s Federal Insurance Office to study the extent and availability of business interruption coverage, including claims and losses that occurred to businesses during the COVID-19 pandemic. Click here to view the witness list, prepared testimony and access a link to watch the live virtual hearing.
