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April 2016 Newsletter 4/30/2016

Whitney B. Warrick RIMS Government Relations Director

Flood Insurance Legislation Passes House of Representatives
The Flood Insurance Market Parity and Modernization Act (H.R. 2901), sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL), passed the House of Representatives on April 28th. The bill clarifies federal regulations to ensure private insurance is treated the same as federal flood insurance for mandatory purchase requirements. This is expected to allow competition in the flood insurance market, providing an alternative to the National Flood Insurance Program (NFIP). The bill will now go to the Senate Banking Committee where it will be up for review and discussion before consideration by the full Senate.

San Diego Mayor Kevin Faulconer Speaks at RISK PAC Reception
Kevin Faulconer, mayor of San Diego, addressed RISK PAC donors during the RISK PAC reception at RIMS 2016 Annual Conference. The Mayor welcomed RIMS members to the city and thanked them for their participation and reiterated the importance of being involved in the political process.

House Homeland Security Committee Holds Hearing on Cyber Insurance
Last month, the House Homeland Security Committee held a hearing entitled: "The Role of Cyber Insurance in Risk Management". The purpose of the hearing was to examine opportunities that have the potential to promote the adoption of cyber best practices, as well as how to make the management of cyber risks through cyber insurance more effective. Witnesses discussed the value of a cyber-data repository, the rising cost of cyber insurance and premiums, and solutions to continue to grow the cyber insurance market to better protect private sector networks.

Congresswoman Marsha Blackburn to Speak During the RIMS Legislative Summit
Congresswoman Marsha Blackburn (R-TN), Vice Chairman of the powerful House Energy and Commerce Committee and member of the Budget Committee, is confirmed to speak at this year’s annual RIMS Legislative Summit in Washington, D.C. Blackburn, along with Congressman Peter Welch (D-Vt.) is the sponsor of H.R. 1770, Data Security and Breach Notification Act, a bill that will set a nationwide reporting standard for cyber breach notifications. The Summit will be held at the Hotel George June 6-7th. To register please click here

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About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 10,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit

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