RIMS, the risk management society ™, delivered an official letter to The Honorable Steven T. Mnuchin, Secretary of the Treasury, U.S. Department of the Treasury, that expressed the Society’s support for the recently proposed U.S.-EU Covered Agreement on reinsurance.
The letter, submitted by RIMS President Nowell Seaman, cites the Covered Agreement’s propensity to benefit RIMS members – a constituency of approximately 11,000 risk management professionals – by:
· Eliminating collateral requirements that would result in additional capital;
· Increasing reinsurance capacity;
· Requiring the appointment of insurance commissioners for service; and
· Streamlining the dispute process by clarifying jurisdiction and payment of final judgements.
“For risk professionals to support their organizations’ expansion into global markets, it is important that RIMS advocates for regulation that facilitates opportunities for our members’ to effectively achieve their objectives,” said RIMS President Nowell Seaman. “RIMS is encouraged by the U.S.-EU Covered Agreement on reinsurance and looks forward to working with the Department of the Treasury to help bring this agreement to fruition.”
For more information about RIMS External Affairs initiatives, visit www.RIMS.org.