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); and (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.