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RIMS


October 2017 Newsletter 10/1/2017

Whitney B. Craig - RIMS Government Relations Director

Legislative Summit RecapLegislative Summit Recap

On October 18-19th, over forty RIMS members from across the country came to Washington, D.C. to participate in the 2017 RIMS Legislative Summit. The Summit kicked off with presentations from Capitol Hill staff who have been directly involved with the reauthorization of the National Flood Insurance Program (NFIP), RIMS members from Louisiana and Florida who discussed how they use the NFIP, and presentations from RIMS staff. On Day 2, approximately 50 RIMS members descended on Capitol Hill for meetings with their congressional leaders and staff. The goal was to share RIMS legislative priorities and advocate for a long-term reauthorization of the NFIP

Legislation Introduced to Limit the Federal Insurance Office (FIO)
The Federal Insurance Office Reform Act of 2017 (H.R. 3861), sponsored by Sean Duffy (R-Wis), and Denny Heck (D-WA), was introduced in the U.S. House of Representatives in September to reform the FIO. The bill would authorize FIO to coordinate federal insurance policy and require FIO to achieve consensus with the states before advocating or agreeing to positions in international forums, such as the International Association of Insurance Supervisors, and eliminate FIO’s authority relating to purely domestic issues, including the authority to engage in broad information gathering authority and reporting obligations.

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Senate Passes Bill to Forgive $16 billion in NFIP Debt
On October 24th the U.S. Senate passed a $36.5 billion disaster relief bill that would forgive $16 billion in debt owed by the National Flood Insurance Program. The bill will now head to the President to sign. Senator Rand Paul (R-KY), during his opposition to the bill said “There’s also $16 billion in here for the flood program that continues to pay people to build in flood zones… year after year after year, we continue to rebuild in flood zones and then taxpayers are left on the hook.”

House Passes $4 Trillion Dollar Budget
On October 26th, the House of Representatives narrowly passed a $4 trillion budget that paves the way for the President’s tax reform plan. The House passed the Senate’s budget resolution by a vote of 216-212. The House made no changes to the budget that passed in the Senate last week with no Democratic votes.


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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 11,000 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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