RIMS has outlined its legislative priorities for 2025, focusing on third-party litigation funding, data privacy and cybersecurity, the National Flood Insurance Program, nonprofit tax reform and the Invest in Tomorrow’s Workforce Act.

The society’s Public Policy Committee, tasked with analyzing legislative, regulatory and legal issues, has identified these areas as critical for the advancement of the risk management profession. The committee’s role extends to recommending policy and viewpoints, providing risk management responses to issues and educating RIMS members on the impact of these regulatory matters.

RIMS is calling for increased transparency in third-party litigation funding, a practice that allows outside parties to financially back a plaintiff in a lawsuit in exchange for a share of the settlement or judgment. “RIMS is calling for more transparency regarding such funding, and for Congressional leaders to take action against foreign third-party entities from financially backing civil litigation,” the society stated in a press release.

In the realm of data privacy and cybersecurity, RIMS is advocating for a federal framework to protect privacy and data systems. With most states having enacted their own data privacy and data breach notification laws, the society is pushing for a national, unified standard to eliminate confusion and increase efficiency for businesses operating across multiple jurisdictions.

The reauthorization of a long-term National Flood Insurance Program (NFIP) is another priority for RIMS. The program, which provides flood insurance coverage for residential properties in the U.S., encourages private insurance companies to remain in the flood insurance market and helps property owners and developers better protect their assets.

RIMS is also joining the Steering Committee of the American Society of Association Executives (ASAE) to protect the nonprofit community from potential tax reforms that could seek revenue from tax-exempt organizations. Citing proposals that call for a 21% corporate tax rate on all net, non-donation income, the society aims to educate Congress on the societal benefits of the tax-exempt sector.

Lastly, RIMS supports the bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act, which would expand qualified expenses under 529 savings plans to include postsecondary training and credentialing.  In the previous Congress, RIMS participated in a coalition that supported this legislation (S. 722 / H.R. 1477) and in the new session will actively participate in lobbying efforts in support of similar bills in 2025.

RIMS noted that its Legislative Summit 2025, scheduled for March 19 and 20 in Washington, D.C., will further delve into these legislative issues, providing an educational program delivered by risk professionals, elected officials, and Congressional staff members. &