National Flood Insurance Program Reauthorization a Big Win for Risk Professionals and RIMS
NEW YORK (October 3, 2022) – RIMS, the risk management society®, and its members celebrated the extension of the National Flood Insurance Program (NFIP) last Friday as the expiring legislation was included in Congress’ Continuing Resolution. The NFIP extension was a RIMS legislative priority and a key issue addressed during the more than 20 Congressional Office meetings held during RIMS Legislative Summit. The NFIP is extended until December 16, 2022.
The reauthorized NFIP bill provides critical financial support to coastal properties, as well as many commercial and residential properties located in flood zones across the United States. The extension not only allows these properties to remain financially protected, it also enables them to remain compliant with strictly enforced insurance mandates found in real estate contracts.
“Since 2018, every single U.S. State has experienced a flood emergency,” said RIMS President Patrick Sterling. “Risk professionals count on the National Flood Insurance Program to protect our organizations’ assets and to remain in good standing with our commercial real estate contracts. RIMS is encouraged by this bi-partisan effort and will continue to work with our partners on Capitol Hill to support the development of a longer-term extension in December.”
“The extension of the NFIP is a shining example of the value of RIMS advocacy,” said RIMS CEO Gary LaBranche. “Risk professionals from across the U.S. met at RIMS Legislative Summit and effectively voiced their concerns and priorities to their representatives. Working together, the RIMS community can impact change and empower risk leaders to help make the world safer, more secure, and more sustainable.”
RIMS Political Action Committee (RISK PAC) continues to solicit contributions to allow the Society to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP, as well as RIMS other legislative priorities. To learn more about RISK PAC or to donate, visit www.riskpac.org. To learn more about RIMS legislative priorities, visit www.RIMS.org/Advocacy.
RIMS, the risk management society®, is a global professional association committed to advancing the practice of risk management throughout the world. We bring networking, professional development, certification, and education opportunities to our membership of 10,000 risk management professionals in over 60 countries. Founded in 1950, the Society represents more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. To access RIMS Risk Knowledge resource library and for additional information about the Society, visit www.RIMS.org.
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