Maloney drafting pandemic insurance bill as COVID-19 shows gap

Rep. Carolyn B. Maloney, a senior member of the House Financial Services Committee and a former chairwoman of one of its subcommittees, is preparing to introduce legislation that would establish an insurance program to provide coverage during future outbreaks, closing a gap in current policies that exclude events like the COVID-19 pandemic.

According to a discussion draft circulated by the staff for Maloney, D-N.Y., and provided to CQ Roll Call, the program would operate similarly in some ways to the federal Terrorism Risk Insurance Program established after the 9/11 attacks. Terrorism risk insurance allows the government and the private sector to share the cost of events deemed to be terrorist attacks.

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