Ukraine War Risk Insurance Act

Notwithstanding section 53902 of title 46, United States Code, for the period beginning on the date of enactment of this Act, and ending 5 years after such date, a covered vessel shall be deemed to be eligible for insurance or reinsurance under chapter 539 of title 46, United States Code, if such vessel is engaged in transportation in waterborne commerce importing cargo to, or exporting cargo from, Ukraine.

Subparagraphs (B) through (D) of section 53903(a)(3) of title 46, United States Code, shall not apply to cargo imported or exported to or from Ukraine.

In this section:

The term covered vessel means a vessel that is owned by a citizen of—

(A) a member country of the North Atlantic Treaty Organization;

(B) Ukraine; or

(C) any other country the Secretary of State, in consultation with the Secretary of Transportation, determines, in the interest of national security, shall be considered eligible for insurance or reinsurance under chapter 539 of title 46, United States Code.

The term owned by a citizen means ownership by an entity that is considered to be a citizen of a country in the same manner as an entity is deemed to be a citizen of the United States under section 50501 of title 46, United States Code.

There is established in the Department of State an entity to be known as the Insurance for Ukraine Initiative.

The objectives of the Insurance for Ukraine Initiative are the following:

(1) Bolster confidence in Ukraine’s eventual economic recovery from Russia’s full-scale invasion through the provision of war risk insurance.

(2) Encourage European allies and partners to finance and invest in Ukraine’s economic recovery, including through the provision of war risk insurance.

(3) Promote closer economic integration between Ukraine and other countries in Europe as well as the United States and further Ukraine’s accession to the European Union.

(4) Coordinate dialogue and fora for extensive outreach with private sector insurance companies relating to the provision of war risk insurance to Ukraine.

(5) Work with Ukraine, international organizations, and Middle Eastern and African allies and partners to ensure the bountiful and affordable shipment of grain and other food commodities from Ukraine.

Not later than 1 year after the date of the enactment of this Act, and annually thereafter for the following 3 years, the Secretary of State shall submit to the appropriate congressional committees a report that includes assessments of—

(1) progress towards the achievement of each of the objectives set forth in subsection (b); and

(2) legislative proposals that would further the objectives set forth in subsection (b); and

In this section, the term appropriate congressional committees means—

(1) the Committee on Foreign Affairs of the House of Representatives; and

(2) the Committee on Foreign Relations of the Senate.