Issues the Public Policy Committee intends to focus on this year include the following.

Third-party litigation funding

The insurance industry is already struggling with a rise in nuclear verdicts, and outside funding of these actions has added to the impact of litigation. Third-party litigation funding allows outside parties to fund a plaintiff for a cut of the settlement of judgment. RIMS is calling for more transparency with third-party funding and wants Congressional leaders to take action against foreign third-party entities who attempt to back civil litigation.

Data privacy and cybersecurity

Insurance and risk management professionals are more reliant than ever on digital communication and online commerce. In 2025, RIMS will focus on helping to define a federal framework for protecting privacy and data systems. While some states have enacted their own data privacy and data breach notification laws, RIMS will continue to push for the creation of a national, unified standard for these protections.

National Flood Insurance Program (NFIP)

RIMS plans to continue its call for the reauthorization of a long-term National Flood Insurance Program (NFIP). The NFIP, they note, encourages private insurers to stay in the flood market, helps property owners and developers to better protect their assets and includes provisions to fund flood zone mapping and updates to building code standards.

Non-profit tax reform

RIMS expects that the current administration will prioritize tax reforms that could include seeking revenue from tax-exempt organizations; with some calling for a corporate tax as high as 21% on all net, non-donation income. RIMS has joined with the Steering Committee of ASAE's Community Impact Coalition in an attempt to protect the non-profit community and educate Congress on the societal benefits of the tax-exempt sector.

Invest in Tomorrow's Workforce Act

During the previous Congress, RIMS participated in a coalition that supported the Freedom to Invest in Tomorrow's Workforce Act; a bipartisan, bicameral act that would expand qualified expenses under 529 savings accounts to include post-secondary training and credentialing, including licenses and professional certifications. The bill would provide tax-advantaged resources, regardless of whether someone has a college degree, for those who pursue career growth, mid-career changes or other paths that don't follow a traditional academic route.

Special Reports /

RIMS 2025 legislative priorities include NFIP, workforce investment

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