1. Short title This Act may be cited as the Pandemic Risk Insurance Act of 2020 . 2. Purpose The purpose of this Act is to establish a Federal program that provides for a transparent system of shared public and private compensation for business interruption losses resulting from a pandemic or outbreak of communicable disease, in order to— (1) protect consumers by addressing market disruptions and ensure the continued widespread availability and affordability of business interruption coverage for losses resulting from a pandemic or outbreak of communicative disease; and (2) allow for a transitional period for the private markets to stabilize, resume pricing of such insurance, and build capacity to absorb any future losses, while preserving State insurance regulation and consumer protections. 3. Definitions In this Act, the following definitions shall apply: (1) Covered public health emergency (A) In general The term covered public health emergency means any outbreak of infectious disease or pandemic— (i) for which an emergency is declared, on or after January 1, 2021, under the Public Health Service Act