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Press Release: RIMS Commends Congressional Foresight to Extend Flood Program Prior to Government Shutdown

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National Flood Insurance Program May 31st Extension Avoids Dangerous Lapse in Coverage

NEW YORK – In the waning hours prior to the U.S. Federal Government’s partial shutdown, RIMS, the risk management society™, welcomed congressional action to extend the National Flood Insurance Program (NFIP). Extended through May 31, 2019, the program will become the responsibility of incoming House Financial Services Chairwoman Maxine Waters (D-Calif.) to draft a longer-term reauthorization.

A long-term reauthorized NFIP bill would provide critical financial support to a wide range of businesses experiencing flood emergencies and continues to be a RIMS legislative priority. The NFIP was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. Additionally, this November, RIMS signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.

“Business leaders, especially those located in areas of the country most susceptible to flood disasters, can breathe a sigh of relief knowing that an NFIP lapse has been avoided,” said RIMS CEO Mary Roth. “While RIMS is happy that the NFIP received an extension, the Society will continue to work diligently with elected officials, offering our support to help create a more permanent, long-term solution.”

RIMS’ Political Action Committee (RISK PAC) has been soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org.

Taking Action in Washington

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Recently, RIMS political action committee, RiskPAC, hosted a breakfast for Rep. Peter Welch (D-VT) in Washington, D.

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C. RIMS was represented by Terry Fleming, a member of the RiskPAC board of directors and by Jim McIntyre, RIMS Washington D.C. Counsel. Representatives of other groups were also in attendance.

Fleming, a former RIMS president in 2010, expressed gratitude to Rep.

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Welch for the meeting that lasted over an hour. “In all my years attending RIMS on the Hill, I met with a House or Senate member only once. Meeting face-to-face at a table with only four other attendees gave us the chance to express our views on our issues unburdened by interruptions. Rep. Welch showed keen interest in our issues and indicated that he would consider signing on as a sponsor of the bills that will come forward on our issues, as well as discussing the issues with other members of his committee.” Rep. Welch is a member of the Committee on Energy and Commerce and has historically shown interest in the issues that RIMS supports – reauthorization of the Terrorism Risk Insurance legislation that is set to expire in 2014, and amending the Risk Retention Act to allow those groups to offer commercial property insurance coverage in addition to the current automobile and general liability coverage that they offer to their members.

This meeting is another example of the importance in having a political action committee in place.

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One of the reasons RiskPAC was created was to provide RIMS a seat at the table. Because of RIMS’ contribution to Rep. Welch, Fleming was able to get critical one-on-one time with the Representative and his chief of staff to discuss issues of great importance to the organization and to the risk management community as a whole. This is access that would be nearly impossible to get without a PAC in place.