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RIMS


January 2016 Newsletter 1/28/2016

Whitney B. Warrick, Government Relations Director

Congress Passes Long-Awaited Cybersecurity Bill 
On December 18, 2015 Congress passed the Cyber Security Information Sharing Act of 2015 (CISA) which creates a voluntary cybersecurity information sharing system for non-federal entities. CISA encourages information sharing between private companies and the government and provides liability protection for companies that share cyber threat data with the government. Click here to read the issue brief on the legislation.

The Federal Housing Finance Agency Issues Troubling Final Rule
A final rule released this month by the Federal Housing Finance Agency (FHFA) amended its regulation on Federal Home Loan Bank (FHLB) membership to specify that captive insurance companies can no longer be a member of the organization. A blog in the Risk Management Monitor discusses captive regulators disappointment with the new rule. Current captives will have either a one or five year period to transition out or membership. RIMS will continue to monitor the legislative and legal options being presented to fight this new rule.

The Policyholder Protection Act Signed Into Law
The RIMS supported Policyholder Protection Act of 2015 was also signed into law on December 18, 2015. The legislation provides confidence in insurer solvency and greatly improves the ability of state insurance regulators to protect policyholders by ensuring that insurance companies structured under larger financial firms are not held financially responsible for an affiliated bank’s failure or financial crisis. The bill is designed to ensure that the money set aside to pay insurance claims is not appropriated by the federal government to bail out large financial institutions. The issue brief on the legislation can be found here.

Donate to RISK PAC today!
Your donation to RISK PAC provides RIMS with the opportunity to ensure your voices are being heard by key policymakers on the hill. Through the efforts of the PAC, RIMS has been successful in gaining the support of influential legislators and working with them to enact legislation to improve the overall climate for risk management professionals. If you are interested in contributing to RISK PAC or would like to learn more, please visit the RISK PAC website.​​


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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 www.RIMS.org.

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