RIMS sets legislative priorities for 2025

Risk managers tackle litigation funding, cyber security, and flood insurance in a push for nationwide reform in 2025

RIMS sets legislative priorities for 2025

Risk Management News

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The Risk Management Society (RIMS) announced its legislation agenda for the year 2025 and identified several areas to support the advancement of the risk management profession.

Members of the RIMS Public Policy Committee analyze legislative, regulatory, and legal affairs that affect the industry.

  1. Third-party litigation funding: RIMS advocates for greater transparency in third-party litigation funding to minimize the growing legal risks that threaten businesses across the country.

The organization is encouraging legislation that would prohibit foreign entities from providing financing for civil lawsuits filed within the United States, which could then be used to sway outcomes to their disadvantage.

  1. Data privacy and cybersecurity: With digital dependency growing, RIMS seeks a national framework for data privacy to streamline and strengthen how data is protected across states.

This initiative aims to replace the current disjointed state laws with a cohesive national standard that would enhance operational efficiency and security.

  1. National Flood Insurance Program (NFIP): RIMS is advocating for the reauthorization of the NFIP, which is essential in offering flood insurance and encouraging private insurers to participate in the flood insurance market.
  2. Nonprofit tax reform: As new tax reforms are being considered under the Trump administration, RIMS is working with ASAE's Community Impact Coalition to protect nonprofit organizations from taxes that would adversely affect their societal impact.
  3. Invest in Tomorrow’s Workforce Act: RIMS continues its support for the bipartisan Freedom to Invest in Tomorrow’s Workforce Act, which aims to expand the scope of 529 savings plans to include professional training and certifications, offering tax advantages for individuals pursuing diverse career paths.

RIMS will further discuss these priorities at the RIMS Legislative Summit 2025, set for March 19-20 in Washington, D.C., featuring educational sessions and opportunities for attendees to engage directly with lawmakers.

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