New York, NY – RIMS recently announced its continued support for Congresswoman Carolyn Maloney’s (D-NY) Pandemic Risk Insurance Act of 2021 bill that was introduced earlier this week.
The proposed legislation would create a Federal program that provides a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies.
“As organizations continue to fight and rebound from the impacts of the global pandemic, it’s critical that business and government leaders come together to develop a real insurance solution to prevent future economic disruption,” said RIMS President Ellen Dunkin. “Risk professionals are well-positioned to provide a valuable perspective on insurance solutions that not only strengthen business resiliency but would allow our partners in the insurance industry to confidently deliver effective and affordable pandemic risk products. We are proud to support PRIA of 2021 and the efforts of the Business Continuity Coalition to achieve this important goal.”
As outlined in an April 2020 letter from RIMS to Congress supporting the first PRIA bill, the legislation would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across the United States and ensure that businesses can meet future pandemic events with greater resilience.
In June 2021, RIMS joined the Business Continuity Coalition (BCC) to build a more stable insurance market that supports organizations as they navigate future pandemics. The BCC is also a proponent of Congresswomen Maloney’s reintroduced bill and continues to work constructively with policymakers and other U.S. stakeholders to develop an insurance program that ensures business continuity from future economic losses from pandemics and other emergencies necessitating widespread closures of the economy. The BCC comprises a broad range of business insurance policyholders – large and small – from across the country.
The 2021 bill is available here (PDF)