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January 2017 Newsletter 1/30/2017

Whitney B. Warrick RIMS Director of Government Relations

Federal Communications Commission Issues Cybersecurity Risk Reduction Paper
The Federal Communications Commission (FCC) released a paper on cybersecurity risk reduction. The White Paper describes the risk reduction portfolio of the current Federal Communications Commission and suggests actions to affirmatively reduce cyber risk in a manner that incents competition, protects consumers, and reduces significant national security risks. To view the paper click here.

US and EU Reach Covered Agreement on Insurance and Reinsurance
On January 13, 2017, the Unites States and the European Union reached an agreement on reinsurance and insurance regulation. The agreement covers three areas of insurance oversight: reinsurance, group supervision and the exchange of insurance information between regulators. Broadly, for the United States, the agreement preserves the primacy of state regulation the U.S. of U.S. insurance groups while for the EU, it preserves the primacy of EU oversight of EU insurance groups. Click here for a fact sheet on the agreement.

Register for the Florida and California RIMS on the Hill
Dates are set for both the Florida and California RIMS on the Hill events. The Florida RIMS on the Hill will be held in Tallahassee, Florida on February 20-21. Special guest speakers include the Florida Insurance Commissioner David Altmaier and Senate Minority Leader Oscar Braynon II. To register for the Florida event visit here.

The California RIMS on the Mall will be held on March 21-22 in Sacramento, California. If you are a California RIMS member and would like to participate, please visit here to register.


NFIP Borrows $1.6 billion from the Treasury
The National Flood Insurance Program (NFIP) will borrow $1.6 billion from the treasury to break even on its 2016 losses. This prompted House Financial Services Committee Chairman Jeb Hensarling (R-TX) to issue a statement saying that reforming the program will be a “major focus” of his committee this year. The program, whose authorization is set to expire in September, is currently almost $25 billion in debt. RIMS Government Relations continues to work with legislators as they develop new legislation to address the current issues with the program.

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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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