This bill, titled the "War Hazards Compensation Reform Act," addresses critical issues within the federal reimbursement process under the War Hazards Compensation Act (WHCA). It mandates that the Federal Government pay interest on late reimbursements to private insurance carriers for WHCA claims, acknowledging that current delays impose substantial carrying costs and discourage insurer participation. The legislation establishes a clear process for submitting complete reimbursement claims, requiring the Division of Federal Employees' Compensation (DFEC) to acknowledge receipt or identify deficiencies within 14 days. Interest will then accrue at the Internal Revenue Code's overpayment rate, beginning 60 days after a claim is acknowledged, with outstanding claims on the enactment date being deemed acknowledged immediately. To enhance the processing of claims, the bill mandates the hiring of at least 15 full-time employees for the DFEC to review and process WHCA claims. Furthermore, it modifies the Longshore and Harbor Workers' Compensation Act (LHWCA) by prohibiting the Secretary of Labor from requiring insurance carriers to post collateral, security, or other financial assurance for liabilities arising from claims reimbursable under the WHCA. This provision aims to alleviate the unnecessary financial and administrative burdens on carriers, who currently secure obligations for which the U.S. Government is ultimately responsible, thereby increasing costs and potentially discouraging market participation. The Secretary of Labor is directed to revise related regulations within 180 days to conform with these amendments, and the bill explicitly states that its provisions will not reduce or delay benefits payable to injured employees or beneficiaries under either Act.