; and (B) to end at midnight on that date. 4. Pandemic Risk Reinsurance Program (a) Establishment of Program (1) In general There is established in the Department of the Treasury the Pandemic Risk Reinsurance Program. (2) Authority of the secretary Notwithstanding any other provision of State or Federal law, the Secretary shall administer the Program, and shall pay the Federal share of compensation for insured losses in accordance with subsection (e). (3) Voluntary participation (A) Eligibility Each entity that meets the definition of an insurer under this Act may participate in the Program. (B) Election The Secretary shall provide a process by which insurers may elect to participate in the Program, with respect to a calendar year. (4) Treatment of existing policies This Act may not be construed to affect any policy for business interruption insurance in force on the date of the enactment of this Act. (b) Conditions for Federal Payments No payment may be made by the Secretary under this section with respect to an insured loss that is covered by a participating insurer, unless— (1) the person that suffers the insured loss, or a person acting on behalf of that person, files a claim with the participating insurer; (2) the participating insurer provides clear and conspicuous disclosure to the policyholder of the premium charged for insured losses covered by the Program and the Federal share of compensation for insured losses under the Program— (A) in the case of any policy that is issued before the date of enactment of this Act, not later than 90 days after that date of enactment; (B) in the case of any policy that is issued within 90 days of the date of enactment of this Act, at the time of offer and renewal of the policy; and (C) in the case of any policy that is issued more than 90 days after the date of enactment of this Act, on a separate line item in the policy, at the time of offer and renewal of the policy