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November 2017 Newsletter 11/1/2017

Whitney B. Craig - RIMS Government Relations Director

House Passes Flood Insurance 5-year Reauthorization

On November 14, 2017, the U.S. House of Representatives passed the RIMS supported 21st Century Flood Reform Act. The bill renews the National Flood Insurance Program (NFIP) until 2022, updates federal flood mapping requirements, and intends to bolster the private flood insurance market. RIMS members from across the country participated in grassroots efforts to urge the House to pass this legislation.

The fate of the NFIP now rests with the Senate, which may adopt the House bill or a version of it, advance its own bill, or do nothing.

RIMS is asking all U.S. members to contact their Senators by clicking here urging them to pass legislation before the December 8, 2017 deadline. 

House Passes Tax Reform Legislation
On November 16, 2017, the House passed its tax-overhaul bill. The bill was unveiled two weeks earlier, and no hearings were held on the legislation. The vote was 227 to 205, with opposition from all Democrats and 18 Republicans — most of whom are from New York, New Jersey, or California. Now Senate Republicans are looking to hold a vote on their version of the bill before December.

Included in both bills is a provision that put an excise tax on all intercompany payments to global affiliates. RIMS sent a letter to U.S. Senators opposing this tax and asking that they remove it from their bill. Click here to read the letter.

NAIC Adopts Data Security Model Law
The National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Law earlier this month, which would create rules for insurers, agents, and other licensed entities covering data security, investigation, and breach notification. The NAIC working group solicited input from regulators as well as industry and consumer representatives throughout the drafting process. RIMS submitted comments earlier this year. The model law is available to state lawmakers seeking to introduce data security legislation in the state legislatures next session. Read he model law 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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