RIMS offers expertise to TRIA panel

If a recent request to President Bush is realized, than a Risk and Insurance Management Society Inc. (RIMS) member may soon be appointed as a policyholder representative functioning as both an analyst of the terrorism insurance market and a consultant to a presidential body
On Jan. 25, 2006, RIMS president Ellen Vinck sent President Bush a letter regarding the legislation which extends the government terrorism insurance backstop.
Created by the Terrorism Risk Insurance Act, the new legislation specifically charges the President’s Working Group on Financial Markets to consult with a variety of stakeholder representativesincluding policyholderswhile it carries out analysis of the state of the terrorism insurance market. The findings made by the working group must be reported to Congress by Sept. 30, 2006.
“RIMS has been intimately involved in the creation and extension of the TRIA program, and we are eager to continue our work with public and private organizations to ensure that terrorism insurance remains available and affordable for U.S. companies,” Vinck, vice-president of risk management and benefits for San Diego-based BAE Systems Ship Repair Inc..
Vinck says that RIMS feels a RIMS representative acting as a policyholder will be as a valuable resource to the working group.