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RIMS February Government Affairs Update 2015 2/26/2015

Nathan Bacchus, RIMS Sr. Government Affairs Manager

TRIA Interim Guidance and Request for Comment on Certification
On February 6, the Department of the Treasury released interim guidance addressing certain provisions and ambiguities of TRIA’s 2015 reauthorization. That guidance can be found here. The Department also released a request for comment on ways to improve TRIA’s certification process as required by the 2015 reauthorization. We are in the process of submitting comments on behalf of RIMS by the March 6 deadline and welcome input from any interested parties. 

Study Released on Discriminatory Reinsurance Tax
On February 18, the nonpartisan Tax Foundation released a study highlighting problems with several recent tax proposals that would eliminate the deduction for reinsurance premiums paid to foreign subsidiaries. The study found that for every dollar collected by the government over the long term, the private sector as a whole would lose $4.07. RIMS, as a member of the Coalition for Competitive Insurance Rates, has consistently opposed these proposals and will continue to do so going forward.

RCC Meeting with Canadian Council of Insurance Regulators
On January 28, a delegation from the RIMS Canada Council met with CCIR in Toronto to discuss issues of interest to Canadian risk managers. Property insurance policy wording was one of many issues discussed, and one which the RCC will be following up on going forward. 

Senate Cybersecurity Legislation
On February 11, Senator Thomas Carper (D-Del.) introduced S.456, the Cyber Threat Intelligence Sharing Act. The bill, which was introduced on behalf of the Obama administration, would give companies legal liability protection when sharing cyber threat data with the Department of Homeland Security’s cyber info hub. Cyber security is quickly becoming a hot topic on Capitol Hill and more legislation is expected. RIMS is seeking members with a specific interest/experience with cyber risk to assist the RIMS External Affairs Committee on this topic. If interested, please contact Nathan Bacchus, RIMS Sr. Government Affairs Manager, at

State Legislative Conferences
Initial planning has begun for state legislative conferences in California, Florida, and Texas, The California RIMS on the Mall event is scheduled for March 16-17; the Florida event is scheduled for March 12; while the Texas dates are TBD. If you are a member based in one of these states and interested in assisting with planning or attending the event, please contact Nathan Bacchus, RIMS Sr. Government Affairs Manager, at

RISK PAC is hosting its annual reception in New Orleans at 5:15 pm on Monday, April 27. Louisiana Insurance Commissioner Jim Donelon will be in attendance to meet with attendees. Commissioner Donelon has served in that position since 2006 and is a former President of the National Association of Insurance Commissioners. If you are a member of RIMS, and interested in attending, please RSVP to Nathan Bacchus at ​


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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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