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RIMS May Government Affairs Updates 2015 6/1/2015

Nathan Bacchus, RIMS Sr. Government Affairs Manager

Support of Policyholder Protection Act  

On May 15, 2015, the RIMS Executive Committee officially voted to adopt the External Affairs Committee recommendation position of support for S.798 (Sen. Vitter R-LA) and H.R. 1478 (Rep. Posey R-FL), the Policyholder Protection Act. This legislation would prevent federal regulators from transferring the assets of state regulated insurance companies and their subsidiaries to rescue or support a failed or failing non-insurance financial affiliated firm. Current law applies to insurers in bank holding systems or those purely organized under state law; however, this legislation would extend that to insurers organized under savings and loan companies. To read RIMS official position on this legislation, please click here​

Support of Breach Notification Federal Standard 
RIMS has taken a position of support for several legislative proposals this Congressional session that would establish a federal standard for data breach notification. Currently, there are 47 different state laws and regulations regarding breach notification which can make the process cumbersome and inefficient for both the breached organization and those individuals whose information was affected. One proposal, H.R. 1770, passed the House Energy and Commerce Committee on April 15, 2015 and appears headed for a full House vote in the coming weeks. To read RIMS position, please click here.  

2015 RIMS Legislative Summit 
Time is running out to register for the 2015 RIMS Legislative Summit scheduled for June 8-9, 2015 in Washington D.C. This year’s event will be held at the Capitol Visitor’s Center directly on Capitol Hill. The agenda and registration can be found at the following site. If you have additional questions, please contact Nate Bacchus, RIMS Sr. Government Affairs Manager, at nbacchus@rims.org.

RISK PAC Fundraiser for Congressman Blaine Luetkemeyer                
RISK PAC will co-host a fundraising event for Rep. Blaine Luetkemeyer (R-MO) at this year’s Legislative Summit, June 8th–9th in Washington, DC. Rep. Luetkemeyer chairs the Housing and Insurance Subcommittee of the House Financial Services Committee, and will play a pivotal role in any insurance-related legislation considered by the House of Representatives. Taylor Morrison’s political action committee, Building Strong Business PAC, will co-sponsor the fundraiser with RISK PAC. If you are interested in learning more about RISK PAC, or in making a contribution, please visit the RISK PAC site


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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 www.RIMS.org.

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