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Federal Legislative and Regulatory Issues

For more detailed information or if you would like to take action on any of the issues below, please visit the RIMS Legislative Action Center. The Legislative Action Center tutorial can be found here.

RIMS guidelines on chapters taking policy positions can be found here.

Long Term Extension of the Terrorism Risk Insurance Act

The last extension of TRIA, passed in 2007, is set to expire on December 31, 2014. RIMS strongly supports a long term extension of the program. TRIA is a federal reinsurance program that allows consumers to purchase adequate terrorism coverage at affordable rates. The inability to secure terrorism coverage could have devastating effects on the economy as businesses would be unable to secure adequate financing without adequate coverage.

The House Financial Services Committee has agreed on a five year extension of the TRIA program (HR.4871), with proposes substantive changes to the program going forward. These changes include:

  • Separate programs for NBCR and non-NBCR events
  • Increasing the program trigger from $100 million to $500 million over time
  • Strengthening of the program's recoupment mechanism
  • Streamlining of the certification process
  • Allowing for small insurers to opt-out of the program

A list of House members that will play a critical role in the TRIA debate, along with their contact information, can be found here.

On July 17, 2014, the Senate passed a seven year TRIA extension (S.2244) that phases in reductions to the government copay percentage and increases to industry retention/recoupment amounts. RIMS statement on the Senate agreement can be found here.

RIMS testimony to the Senate Banking, Housing, and Urban Affairs Committee (Feb. 25, 2014) can be found here.

RIMS Executive Report "Terrorism Risk Insurance Act: The Commercial Consumer's Perspective" can be downloaded here.

Comments to FIO on TRIA (Sept. 16, 2013) can be found here.

RIMS testimony on this issue in an October 2012 hearing can be found here.

Legislation to Penalize Domestic Insurers with Offshore Affiliates

RIMS longstanding policy opposes efforts to penalize domestic insurers with foreign affiliates by imposing limits on the tax deductibility of reinsurance premiums ceded by domestic insurers to their affiliates. On August 12, 2011 both Rep. Neal and Senator Robert Menendez introduced legislation which would impose a penalty and tax on reinsurance that a foreign-owned U.S. insurance firm buys from an offshore affiliate. Earlier this year, the Obama Administration, as part of its 2012 fiscal year budget, proposed a similar onerous tax. Neither H.R. 3157 or S.1693 has seen any movement in this Congress. RIMS is on record in opposition to all these initiatives. RIMS is a member of the Coalition For Competitive Insurance Rates (CCIR), which opposes this legislation and the Administration’s proposal.

For a more in depth summary of this issue, please see the 2011 RIMS on the Hill issue brief here.


RIMS supports legislation originally introduced in 2013 that would allow for multi-state licensing of claims adjusters. We believe that this legislation would promote a more efficient approach to the interstate adjusting of claims.

RIMS official policy position on this issue can be found here.

National Association of Registered Agents and Brokers

This legislation would allow for the multi-state licensing of insurance producers. RIMS supports this legislation as it would help streamline the insurance purchasing process and allow for greater competition in the marketplace.

RIMS official position on this issue can be found here.

Liability Risk Retention Act Modernization

RIMS fully supports efforts to modernize the Liability Risk Retention Act, such as the Risk Retention Act Modernization Act of 2011, H.R. 2126, introduced in the 112th Congress by Congressman John Campbell (R-CA) and Congressman Peter Welch (D-VT). This legislation would allow Risk Retention Groups (RRGs) and Risk Purchasing Groups (RPGs) to increase insurance coverage options to include commercial property. Currently, risk retention groups may provide generaly liability coverage, except for workers compensation, to business entities. For more information on H.R. 2126, please visit the RIMS Legislative Action Center.

For a more in depth summary of the issue, please see the 2011 RIMS on the Hill issue brief here.

Strengthening Medicare and Repaying Taxpayers (SMART) Act of 2011-Passed by Congress in 2012

The legislation, H.R. 1063, known as the “Stengthening Medicare and Repaying Taxpayers (SMART) Act” was amended into H.R. 1845 and passed both the House and Senate in December, 2012. After H.R. 1063 was introduced, it was referred to two different House committees, the Energy and Commerce Committee and the Ways and Means Committee. For more information on H.R. 1845, please visit the RIMS Legislative Action Center.

For a more in depth summary of this issue, please see a RIMS summary of H.R. 1845 here.

RIMS Comments to CMS on this issue can be found here.

For RIMS full position statement on this issue click here.

Extension of National Flood Insurance Program-Passed by Congress in 2012

Legislation was signed into law on June 29, 2012 that would extend the National Flood Insurance Program for five years. The legislation also includes a number of reforms that would address solvency concerns by increasing participation in the program. RIMS had consistently maintained its support for the program's extension.

For more details on the extension, please see the 2012 RIMS on the Hill issue brief here.



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