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US HB3973
Bill
Status
6/12/2025
Primary Sponsor
William Keating
Click for details
AI Summary
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Provides temporary war risk insurance eligibility for 5 years to commercial vessels importing or exporting cargo to/from Ukraine, covering ships owned by NATO countries, Ukraine, or other Secretary of State-approved nations
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Establishes the "Insurance for Ukraine Initiative" within the Department of State to coordinate war risk insurance efforts, encourage European investment in Ukraine's economic recovery, and promote Ukraine's EU accession
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Requires the Secretary of State to submit annual reports to Congress for 4 years assessing progress toward initiative objectives and recommending legislative proposals
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Directs the Secretary of State to provide diplomatic and political support to countries offering war risk insurance for Ukraine
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Instructs the U.S. Representative to the U.N. Food and Agriculture Organization to seek development of a multilateral insurance mechanism protecting grain and commodity shipments from Ukraine
Legislative Description
Ukraine War Risk Insurance Act
International affairs
Last Action
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.
6/12/2025