RIMS Sets Legislative Priorities for 2025
Risk Managers Push for Nationwide Reform on Litigation Funding, Cybersecurity, and Flood Insurance
The Risk Management Society (RIMS) has announced its legislative agenda for 2025, outlining key priorities to support the continued advancement of the risk management profession.
The RIMS Public Policy Committee, which analyzes the legislative, regulatory, and legal landscape impacting the industry, has identified several areas requiring attention and reform.
Third-Party Litigation Funding
RIMS is advocating for increased transparency in third-party litigation funding, aiming to reduce the growing legal risks that businesses face across the country. The organization supports legislation that would prohibit foreign entities from financing civil lawsuits within the United States, a practice that could potentially manipulate legal outcomes to the disadvantage of American businesses.
Data Privacy and Cybersecurity
With digital reliance on the rise, RIMS is pushing for a nationwide framework for data privacy. The goal is to replace the current patchwork of state laws with a unified national standard, improving operational efficiency and enhancing security across industries. This initiative aims to strengthen data protection practices while ensuring a more cohesive approach to privacy.
National Flood Insurance Program (NFIP)
RIMS continues to advocate for the reauthorization of the NFIP, which plays a critical role in providing flood insurance and incentivizing private insurers to participate in the flood insurance market. This program is essential in mitigating financial risks related to flooding, a growing concern in many regions.
Nonprofit Tax Reform
In light of the new tax reforms under consideration by the current administration, RIMS is collaborating with the ASAE’s Community Impact Coalition to protect nonprofit organizations from taxes that could negatively affect their societal contributions. This effort is aimed at preserving the positive impact of nonprofits in communities nationwide.
Invest in Tomorrow’s Workforce Act
RIMS remains a strong supporter of the bipartisan Freedom to Invest in Tomorrow’s Workforce Act. This act seeks to expand the scope of 529 savings plans to include professional training and certifications, offering tax advantages to individuals pursuing diverse career paths. By fostering the growth of tomorrow’s workforce, this initiative promotes skill development across a broad spectrum of industries.
RIMS will discuss these legislative priorities in greater detail at the RIMS Legislative Summit 2025, scheduled for March 19-20 in Washington, D.C. The summit will feature educational sessions and provide attendees with opportunities to engage directly with lawmakers.