RIMS urges member to request Congress to review legislation that will affect your business environment!
RIMS is working with key members of the U.S. Senate Committee on Banking, Housing, and Urban AffairsÂ to change the definition of a "qualified risk manager" in S.B. 929: the Nonadmitted and Reinsurance Reform Act to encompass all of the risk managers who are members of the Society. To build upon the momentum gained at RIMS on the Hill Legislative Conference, RIMS President Janice Ochenkowski, ARM, penned a letter to Senate Banking Committee leadership requesting that hearing on insurance affordability and Surplus Lines legislation be held. This month, we're asking RIMS members to send a similar letter to their Congressional member on the Senate Banking Committee urging them to conduct a hearing on the legislation. Its companion bill, H.R. 1065: the Nonadmitted Reinsurance Reform Act, passed the U.S. House of Representatives last year.
RIMS also needs all member to update their demographic information! It is important that the Society is able to identify how many of our members would or would not be considered a "qualified risk manager". RIMS needs all members to update your demographic information at www.RIMS.org/MyDemographics.
To download a sample letter, click here.
For a complete list of Senate Banking Committee fax numbers, click here.
UPDATE: Legislation on the Move
House subcommittee tackles insurance issues to promote accessibility and affordability
Early this month, the U.S. House of Representatives Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises marked legislation that are priorities for insurance buyers and risk managers-the Insurance Information Act and the Increasing Insurance Coverage Options for Consumers Act. The bills were hot topics at RIMS on the Hill legislative conference where RIMS members met with members of Congress and staff to lobby for both bills in June 2008. Both bills were approved as amended unanimously and are fast-tracked to go to the floor of the House of Representatives for consideration without action by the Financial Services Committee.
H.R. 5840: the Insurance Information Act of 2008 would create a federal office of insurance information and establish, for the first-time, a repository for the collection and dissemination of information at the federal level within the U.S. Department of the Treasury. Additionally, the bill has clearly defined and strictly limited preemptive powers applicable only if state laws conflict with United States international trade agreements.
H.R. 5792: Increasing Insurance Coverage Options for Consumers Act of 2008 expands upon legislation passed in 1981 and 1986 to address a need for those businesses that purchase commercial property insurance. It expands the Liability Risk Retention Act to allow risk retention groups to offer commercial property coverage in addition to general liability insurance.
RIMS commends subcommittee chair Paul Kanjorski, D-Penn.; ranking member Deborah Pryce, R-Ohio; Rep. Dennis Moore, D-Kansas; and Rep. Tom Campbell, R-Calif., for their efforts to successfully move the legislation that would better facilitate access to affordable insurance for commercial consumers.
For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.