Commuter Rail Passenger Service Continuation Act - Amends the Regional Rail Reorganization Act of 1973 to require ConRail to continue furnishing commuter rail services where an adequate subsidy is available. Requires the Corporation to furnish additional commuter service if adequate compensation is provided by a State or a local or regional transportation authority.

Authorizes the United States Railway Association to reimburse ConRail, or a State or local subsidizer for un-insurable losses up to $50,000,000 if the Rail Services Planning Office has certified that ConRail after due diligence has been unable to obtain insurance to cover such losses.

Increases the aggregate principal amount of obligations which may be issued by the Association.

Stipulates that the date of initiation of a program to correct deferred maintenance or railroad facilities shall be used to establish the Federal financial assistance period.