The office of New York Congresswoman Carolyn Maloney has announced that she has filed a revised version of the Pandemic Risk Insurance Act (PRIA) to establish a federal backstop for financial losses due to a future pandemic or public health emergency. The latest iteration of PRIA provides that the government would absorb about 95 percent of claims in the future. The proposal however would also change business interruption coverage to a model known as “parametric”. The coverage in the parametric model would be similar to the Paycheck Protection Program, but rather than a loan or grant, policyholders would pay a premium for access to funds covering up to six months of eligible fixed costs. The proposed legislation also eliminates the total $750 billion loss cap, which was considered an important component of the prior proposal.