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RIMS July Government Affairs Updates 2015 7/29/2015

Nathan Bacchus, RIMS Sr. Government Affairs Manager

NAIC Cybersecurity Bill of Rights  

On Monday, July 27, the National Association of Insurance Commissioners released its draft Cybersecurity Bill of Rights. The document lays out the general rights that insurance consumers should have as it relates to cybersecurity, and more specifically, data breaches. The NAIC Cybersecurity Task Force will be accepting comments on the draft until August 10. In March, RIMS had submitted comments to the task force regarding the NAIC’s guiding principles. If you have any comments on the proposed Bill of Rights, please pass them along to Nathan Bacchus, RIMS Senior Government Affairs Manager, at nbacchus@rims.org.

Modernization of International Insurance Regulation 
RIMS, along with several other interested parties, is in the very early stages of studying international insurance regulation with the goal of finding targeted ways to make the current system more efficient and effective for global companies and their risk managers. We are looking for personal stories from risk managers who have direct experiences they would be willing to share that may shed light on some of the current inefficiencies with the current international regulatory structure. Any information relating to your personal name, company, etc. will be kept confidential; however, this will help us build a solid base of knowledge and to find the areas that could be most improved. Please send your stories and/or experiences to Intlmodernization@rims.org

Laffer Study on Discriminatory Reinsurance Tax 
​​In late May, policy co-chairman of the Free Enterprise Fund and former member of President Reagan’s Economic Policy Advisory Board Arther Laffer released a study showing the negative impact that discriminatory reinsurance tax legislation would have on the nation’s economy. The study finds that the tax proposal would have several unintended consequences including the loss of many of the benefits that global​ reinsurance provides as the cost of that reinsurance would become prohibitive for US based companies. This tax proposal was most recently included in President Obama’s 2016 budget proposal but has been introduced in legislative form several times of the years. RIMS has worked very closely with the Coalition for Competitive Insurance Rates to oppose these proposals and will continue to do so. A one-page summary of Mr. Laffer’s study can be found here.

RISK PAC Activities 
On July 29, RIMS staff will be representing RISK PAC at the Potomac RIMS Chapter’s “Member Appreciation Happy Hour and Vendor Showcase.” To learn more about RISK PAC, or to make a contribution, please visit the RISK PAC website here. Remember that a contribution of just $25 can go a long way toward allowing us to meet our legislative/regulatory goals.​​​​​


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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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