NEW YORK (January 23, 2025) – In its mission to support and advance the risk management profession, RIMS, the risk management society®, has charged its Public Policy Committee with analyzing legislative, regulatory, and legal issues; recommending policy and viewpoints; providing sound risk management responses to issues; and educating members on how these regulatory matters will impact RIMS and their work. The Committee has identified the following as RIMS legislative priorities for 2025:
- THIRD-PARTY LITIGATION FUNDING
It is well-documented that nuclear verdicts continue to have a detrimental impact on businesses nationwide, and for some organizations legal risk has jumped to the top of its risk register. Third-party litigation funding allows outside parties to provide financial support to a plaintiff in a lawsuit in exchange for a share of the settlement or judgment. RIMS is calling for more transparency regarding such funding, and for Congressional leaders to take action against foreign third-party entities from financially backing civil litigation.
- DATA PRIVACY AND CYBER SECURITY
As technology continues to evolve and organizations become more dependent on digital communication and online commerce, RIMS is focused on helping to define a federal framework for protecting privacy and data systems. Most states have enacted their own form of data privacy and data breach notification laws, which has created a patchwork of state laws that cause confusion and lessen efficiency, especially for businesses operating in multiple jurisdictions. RIMS will continue to push for the creation of a national, unified standard for data security and breach notification.
- NATIONAL FLOOD INSURANCE PROGRAM
RIMS will continue to call for the reauthorization of a long-term National Flood Insurance Program (NFIP). The program is the primary source of flood insurance coverage for residential properties in the U.S. The NFIP encourages private insurance companies to remain in the flood insurance market, helps property owners and developers to better protect assets, and includes provisions to fund flood zone mapping and building code standards updates.
- NONPROFIT TAX REFORM
It is expected that the new administration will prioritize tax reforms that could include seeking tax revenue from tax-exempt organizations. With some calling for a 21% corporate tax rate on all net, non-donation income, RIMS has joined the Steering Committee of ASAE’s Community Impact Coalition to protect the nonprofit community and educate Congress on the societal benefits of the tax-exempt sector.
- INVEST IN TOMORROW’S WORKFORCE ACT
Last Congress, RIMS participated in a coalition that supported the bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477), which would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing, such as licenses and professional certifications. The bill would provide valuable tax-advantaged resources for families, students and workers—with or without a college degree—who pursue career growth, mid-career changes or pathways that diverge from a typical academic route. RIMS anticipates that the House and Senate will consider similar versions of these bills in 2025 and will actively participate in lobbying efforts in support of them.
ABOUT RIMS LEGISLATIVE SUMMIT 2025
RIMS Legislative Summit 2025 is scheduled for March 19 and 20, 2025 in Washington, DC at the U.S. Chamber of Commerce. On March 19th, the event will feature an educational program delivered by risk professionals, elected officials and Congressional staff members. The sessions will cover the top legislative issues impacting the risk management and insurance communities, as well as strategies for effective lobbying. On March 20th, attendees will meet with elected officials and their legislative staff to share RIMS position on current and future legislation. To learn more and to register, visit RIMS Legislative Summit 2025.
ABOUT RISK PAC – THE RIMS POLITICAL ACTION COMMITTEERIMS political action committee – RISK PAC – was formed to allow RIMS, through contributions from RIMS members, to provide financial support to the campaigns of U.S. elected officials who understand and support RIMS legislative priorities. All U.S. RIMS members are permitted to contribute to RISK PAC and donations of any amount are accepted. To contribute, visit the RIMS RISK PAC page.
ABOUT RIMS
RIMS, the risk management society®️, empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. Founded in 1950, the Society publishes the award-winning Risk Management Magazine and produces RISKWORLD®️, the largest annual gathering of global risk professionals. RIMS embraces diversity, equity and inclusion and welcomes all risk professionals to connect and learn, explore the online Risk Knowledge library, tune into the RIMScast podcast series, and engage with the RIMS Community on the Society’s social medial channels. To learn more, visit https://www.RIMS.org.
# # #