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April 2017 Newsletter 4/1/2017

Whitney Craig - RIMS Government Relations Director

NFIP Proposed Legislation Extends Program 10 years 

On April 26th, U.S. Senators Bill Cassidy (R-La.) and Kristen Gillibrand (D-N.Y.) released draft legislation to reauthorize the National Flood Insurance Program (NFIP) for 10 years. The legislation intends to strengthen flood mapping and claims handling as well as a gradual move toward private sector involvement. It also seeks to strengthen flood mapping and claims handling. In March, RIMS members and staff visited House and Senate staff members to urge for a long-term extension of the NFIP which is currently set to expire on September 30, 2017. The House has yet to introduce NFIP reauthorization legislation. View a summary of the bill here.

House of Representatives Markup Bill to replace Dodd-Frank
The House Financial Services Committee is currently in the process of marking up the Financial Choice Act of 2017. The Choice Act, sponsored by Congressman Jeb Hensarling (R-TX), would repeal significant portions of Dodd-Frank including the Federal Insurance Office (FIO), which would be replaced with the Office of the Independent Insurance Advocate (IIA). The head of the IIA will be appointed by the President, confirmed by the Senate and will serve a term of six years. The bill would also fundamentally get rid of Consumer Finance Protection Bureau (CFPB) by limiting its power. The bill is currently split by party and a companion bill has yet to be introduced in the U.S. Senate. View a summary of the legislation here.

RIMS Sends Letter Supporting EU-US Covered Agreement
On April 11, RIMS sent a letter to The Secretary of Treasury in support of the EU-US covered agreement. The Senate held a hearing on the agreement on May 2, 2017 but there has yet to be any movement from the Secretary on the agreement. Read the letter RIMS submitted here detailing why we support the agreement.

House of Representatives Passes Long-awaited Healthcare Bill
On May 4, the House passed a healthcare bill which would replace and repeal the current Affordable Care Act legislation. Among other things, the bill would remove the individual mandate, and tie subsidies to age, allowing insurers to charge higher premiums to older individuals. The bill now heads to the Senate where it will face a tough budget reconciliation process before final passage.​ 

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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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