Ukraine War Risk Insurance Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7353 Introduced in House (IH)]

<DOC>






118th CONGRESS
  2d Session
                                H. R. 7353

To provide temporary war risk insurance for certain commercial vessels 
    operating importing goods to, or exporting goods from, Ukraine.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 14, 2024

Mr. Keating (for himself, Mr. Quigley, and Mr. McGovern) introduced the 
following bill; which was referred to the Committee on Foreign Affairs, 
and in addition to the Committee on Transportation and Infrastructure, 
for a period to be subsequently determined by the Speaker, in each case 
for consideration of such provisions as fall within the jurisdiction of 
                        the committee concerned

_______________________________________________________________________

                                 A BILL


 
To provide temporary war risk insurance for certain commercial vessels 
    operating importing goods to, or exporting goods from, Ukraine.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ukraine War Risk Insurance Act''.

SEC. 2. FINDING.

    Congress finds that the transportation in the waterborne commerce 
importing cargo to, or exporting cargo from, Ukraine is in the interest 
of the national defense or national economy of the United States.

SEC. 3. WAR RISK INSURANCE ELIGIBILITY FOR CERTAIN COMMERCIAL VESSELS 
              OPERATING IN UKRAINE.

    (a) Eligibility.--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.
    (b) Expansion of Cargo.--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.
    (c) Definitions.--In this section:
            (1) Covered vessel.--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.
            (2) Owned by a citizen.--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.

SEC. 4. INSURANCE FOR UKRAINE INITIATIVE.

    (a) Establishment.--There is established in the Department of State 
an entity to be known as the Insurance for Ukraine Initiative.
    (b) Objectives.--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.
    (c) Report.--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);
    (d) Definition.--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.

SEC. 5. DIPLOMATIC AND POLITICAL SUPPORT.

    The Secretary of State, in coordination with the heads of other 
relevant Federal departments and agencies, shall seek to provide 
diplomatic and political support to countries that provide or provide 
support for war risk insurance for Ukraine, including by using the 
diplomatic and political influence and expertise of the Department of 
State to build the capacity of such countries.

SEC. 6. VOICE, VOTE, AND INFLUENCE OF THE UNITED STATES AT THE U.N. 
              FOOD AND AGRICULTURE ORGANIZATION.

    The Secretary of State shall direct the United States 
Representative to the Food and Agriculture Organization of the United 
Nations to use the voice, vote, and influence of the United States at 
such Organization to seek to develop a multilateral insurance mechanism 
to protect the shipment of grain and other commodities from Ukraine.
                                 <all>