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Legislative Update

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Advocacy Newsletter | September2017


Last week to register for the Legislative Summit!


In this issue

National Flood Insurance Program Granted 3-Month Extension

Healthcare Reform Update

Senators Ask SEC to Review Cyber Breach Disclosure Requirements

National Flood Insurance Program Granted 3 Month Extension
On September 8, 2017 President Trump signed a $15 billion disaster relief package for Tropical Storm Harvey that included an extension of the National Flood Insurance Program (NFIP) through December 8, 2017. The extension was part of an agreement between the President and Senate Democrats and it included raising the debt ceiling and preventing a government shutdown. RIMS will continue to advocate for a long-term extension of the NFIP and it will be a top priority during this year’s RIMS Legislative Summit. Currently there are six bills in the House and three bills in the Senate that will need to pass in order to reauthorize the program before the new deadline. To read the RIMS External Affairs Committee NFIP Legislative Review click here.

Healthcare Reform Update
During their weekly lunch on September 26th, the U.S. Senate decided not to vote on the latest Republican bill to repeal the Affordable Care Act, after they determined that they did not have the votes to pass the legislation. Republicans opposed to the bill included GOP Sens. Rand Paul of Kentucky, John McCain of Arizona and Susan Collins of Maine. Senate Majority Leader Mitch McConnell said Republicans are not giving up on a health care bill but made clear he wants to begin to focus on a tax reform bill. Vice President Mike Pence urged the Republicans to keep working on health care because the fast-track procedural tool which allows the GOP to repeal the health law expires on September 30th. Without it, Republicans would need to gather 60 votes in the Senate.

Senators Ask SEC to Review Cyber Breach Disclosure Requirements
Members of the Senate Banking Committee, led by Chairman Mike Crapo and ranking member Sherrod Brown, sent a letter to the Securities and Exchange Commission (SEC) Chairman Jay Clayton urging him to update its 2011 guidance for public companies dictating what they must disclose when they have a cyber-breach. The request is the likely result of the recent Equifax breach as well as the hack of the SEC’s corporate filing database. Chairman Clayton discussed the hack and guidance during his Senate testimony on September 26, 2017 here.

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  • The recent devastation of Hurricanes Harvey, Irma and Maria pulverized Texas, Florida and Puerto Rico, displacing hundreds of thousands of residents and racking up billions of dollars in property loss. These massive storms, as well as others, also wreaked havoc Continue reading
  • The National Interagency Fire Center (NIFC) increased the National Preparedness Level to 3 today due to wildfire activity in eight Northern California counties, including Napa, Sonoma and Mendocino, where evacuations, road, trail and area closures are in effect. Since their Continue reading
  • The destruction caused by Hurricane Maria in Puerto Rico last month has created major disruptions for the island’s pharmaceutical product and medical device manufacturing facilities. Days of interruption and damage to manufacturing plants are affecting international supply chains for products Continue reading
  • A recent report published by RIMS highlights the importance for risk professionals—or the person within the organization tasked with the responsibility—to fully understand the language included in their insurance policies. The report A Common Language: Aligning Third-Party Contracts with Insurance Continue reading

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