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RIMS January Government Affairs Update 2015 1/28/2015

 Nathan Bacchus, RIMS Sr. Government Affairs Manager

TRIA Signed Into Law

On January 12, 2015, President Obama signed into law the latest reauthorization of the Terrorism Risk Insurance Act (TRIA). The program has now been extended for six years with various modifications to the program. For more information please visit the RIMS External Affairs page here.

Comments Filed with U.S. Federal Housing Finance Agency

On January 12, 2015, RIMS filed comments with the FHFA opposing a proposed rule to define “insurance company” in a manner that would prohibit captive insurance companies from being members of a Federal Home Loan Bank. RIMS letter can be found here.

RCC Meeting with Canadian Council of Insurance Regulators

On January 28, 2015, a delegation from the RIMS Canadian Council will be meeting with the Canadian Council of Insurance Regulators at their annual stakeholder meetings. Topics will include the following: national and global regulatory harmonization; property insurance policy wording and disclosure; and electronic commerce. More information will follow in February.

Reinsurance Tax Letter Sent to Wisconsin Insurance Commissioner

On January 6, 2015, RIMS sent a letter to Wisconsin Insurance Commissioner Ted Nickel urging him to submit a letter in opposition to a proposed discriminatory reinsurance tax provision that has been included in the past few Obama administration budget proposals and by various members of Congress. If ever passed, this tax would significantly reduce capacity in the reinsurance market while increasing prices for our members who rely on reinsurance coverage. To learn more, please visit the RIMS website here.

Proposed Changes to U.K. Counter Terror Laws

The U.K. is currently considering changes to their counter terror laws that could have an impact on kidnapping and ransom policies. These changes would make it an offense for any insurer to make payments that “it knows or has reasonable cause to suspect” will be handed over to a proscribed terrorist organization. If you are interested in learning more, please visit here.

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, while the dates for Florida and Texas are still TBD. If you are a member based in one of these states and is interested in assisting with planning or attending the event, please contact Nathan Bacchus, RIMS Sr. Government Affairs Manager, at nbacchus@rims.org.

2015 RIMS Legislative Summit

The 2015 RIMS Legislative Summit has been scheduled for June 8-9, 2015 in Washington D.C. More details to come soon. To learn more about last year’s event, please visit the Legislative Summit page here

RISK PAC

Political advocacy is a top priority for RIMS, and we are dedicated to making sure your voice is heard on issues affecting risk management. RISK PAC is a tool that allows our political advocacy to be much more effective; however, it can only succeed with the voluntary support of our members. If you are interested in contributing to the PAC, or in simply learning more, please visit the RISK PAC website 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 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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