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Reinsurance Tax Reintroduced in House and Senate

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President Barack Obama’s 2014 budget proposal, released April 10, included a provision that would eliminate the current tax deduction for reinsurance premiums. Now there is legislation that would seek to do the same thing. H.R.2054, sponsored by Congressman Richard Neal (D-MA) and Congressman Bill Pascrell (D-NJ), and S.911, sponsored by Senator Bob Menendez (D-NJ), were introduced May 20, 2013. This marks the fourth time that Rep. Neal has introduced similar legislation.

Rep. Neal believes that foreign-based insurance companies are using affiliate insurance to avoid U.S. tax on their investment income, which leads to an unfair competitive advantage over U.S-based companies. The Coalition for a Domestic Insurance Industry, which represents 13 U.S.-based insurance groups, agrees with Rep. Neal that the current system offers a competitive advantage to foreign-based companies. In a May 21, 2013 press release William R. Berkley, chairman and CEO of W.R. Berkley Corporation, stated that “closing this loophole, staunching the flow of capital overseas and restoring competitiveness for this important domestic industry is a win for all.”

Opponents of this provision were quick to express their opposition. The Coalition for Competitive Insurance Rates (CCIR), which includes the Risk and Insurance Management Society (RIMS), stated that this legislation would “decrease capacity and hike the cost of insurance while also limiting competition in the U.S. insurance marketplace.” In that same press release James Donelon, Louisiana Commissioner of Insurance, added that “this legislation would shift the financial burden of rebuilding following a disaster onto already-strained domestic insurers and their policyholders.” RIMS followed suit with its own release in opposition to the bill. Carolyn Snow, RIMS board liaison to the Society’s external affairs committee, remarked that “this short-sighted legislation fails to realize that if organizations are forced to abandon their offshore counterparts, the financial burden of catastrophic risks would fall on the government and policyholders—an alternative that could shatter this country’s economic vitality.”

Opponents of the tax are supported by a 2009 Brattle Group study of the impact this legislation would have on the reinsurance market. The Brattle Group found that enacting this legislation would reduce the supply of reinsurance in the United States by 20%, thus raising the price of primary insurance by 1.8-2.1% overall. As a result, U.S. consumers would be required to pay $10-$12 billion more per year.

Rep. Neal is no stranger to this issue. He introduced similar proposals in 2008, 2009 and 2011. Those bills failed to make it out of committee, but that doesn’t mean opponents can sleep on the issue. Many expect that tax reform could be on Congress’ agenda for 2013-2014 and the fear is that this provision is picked up as a part of that package. CCIR, its members and other opponents will continue working to educate members of Congress on the negative effects that this bill would have on the insurance industry.

Check out this video from the CCIR for an explanation of the risks associated with a reinsurance tax.

 

RIMS President John Phelps Outlines the Society’s Future

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January marks the changing of the guard for the acting President of the Risk and Insurance Management Society (RIMS).

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This morning the RIMS office in New York welcomed John Phelps, the 2013 RIMS President.

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Phelps is currently the director of business risk solutions for Blue Cross and Blue Shield of Florida and has been a member of RIMS for close to 33 years and served on its board of directors for nine years.

“For far too long, the mention of ‘risk’ has struck fear in board rooms around the world,” said Phelps. “As President of RIMS I want to focus on the resources and services that will better equip our members to demonstrate how a more comprehensive understanding of risk can help straighten the path for an organization’s success and exploit the opportunities risk offers every company.

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I sincerely look forward to the year ahead and to helping our members advance their organization’s risk management capabilities in all business disciplines.”

In the meeting, Phelps stressed that what he sees for the future of RIMS consists of:

  • Being a global leader in all aspects of risk management, which aligns with the vision of RIMS
  • Helping RIMS members add value to their organizations, which will advance risk management in their organizations and help them connect at the c-suite level, which connects to the RIMS mission
  • Bring the next generation of risk management leaders into the fold now, so they can network with risk managers that have lived through the evolution, access the education available to them to enhance their skills and utilize practical resources

RIMS ERM Conference 2012 Comes to San Antonio

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Earlier this week, the second annual RIMS ERM Conference 2012 was held in San Antonio. With a theme of “Transforming Vision into Value,” attendees took in two days worth of educational sessions and discussions designed to provide them with the necessary expertise to develop and enhance enterprise risk management programs in their organizations.

Author and leadership expert Robert Stevenson set the tone in a keynote address that stressed the importance of looking at risk strategically as a means of ensuring perhaps the most valuable organizational commodity: its own survival. Stevenson pointed out that between 1985 and 2000, more than 90 companies have been pushed off the Fortune 500 and that the top 10 employers in 1960 have all completely changed today. What this demonstrated said Stevenson was that “future success is not inevitable because of past triumphs.” For risk managers, then, it is imperative that they remind their organizations that success is never final and that they need to pay attention to risk whether they like it or not. “If you don’t like paying attention to risk,” he said, “you will hate paying attention to extinction.”

So in order to avoid being blindsided, organizations need to adopt a wider perspective regarding risk, which naturally leads to ERM as a means to not only address threats, but to take advantage of opportunities.  To that end, subsequent sessions delved into a wide range of topics with experts offering practical advice on things like incorporating scenarios into strategic planning or using key risk indicators and root cause analysis to refine risk assessment. Presenters also shared their stories of how they were able to achieve ERM success in their organizations, giving attendees the opportunity to see theory in action and learn from the accomplishments of their risk management peers.

In an effort to recognize one of these success stories, the conference was highlighted by the presentation of the 2012 ERM Award of Distinction, which went to the YMCA of Greater Toronto for its sophisticated risk intelligence program. The program incorporated strategic risk tools and techniques including a collaborative project risk assessment that was aligned with the organization’s mission, vision and strategic plan objectives to produce an average 25% growth in monthly membership sales at one of its health, fitness and recreation centers, with phased replication and reach in other communities.

Sysco Corporation also received an honorable mention for successfully implementing an ERM program that helped transform the organization’s business culture from siloed businesses to a cohesive and interconnected network of companies focused on uncovering otherwise untapped opportunities.

“Enterprise risk management has become an increasingly important organizational competency that not only protects organizations from detrimental risks but has proven to help identify positive risks that can lead to profitable opportunities,” said Carol Fox, RIMS Director of Strategic and Enterprise Risk Practice. “The YMCA of Greater Toronto and Sysco Corporation are shining examples of how risk management can create value for an organization and their work is truly deserving of this honor.”

In all, the conference proved to a valuable learning experience for all who attended. The following are some of the images from San Antonio.

Robert Stevenson addresses the crowd.

 

Monica Merrifield, vice president, risk intelligence for the YMCA of Greater Toronto (second from left), received the ERM Award of Distinction.

 

The Solutions Showcase gathered ERM service providers.

 

Brian Thelen, general auditor and CRO, General Motors (left) and Joseph Ghammashi, senior vice president and CRO, CorporateOne FCU

 

Attendees gained valuable insight into ERM program development.

Why Risk Management Should Collaborate With Internal Audit

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Risk management and internal audit should work together. That’s according to a joint report between RIMS and the Institue of Internal Auditors released last week. “The two disciplines are more effective working together than separately, especially when there is a common understanding of each other’s roles,” said Carol Fox, director of RIMS’ strategic and enterprise risk practice. She noted that internal audit’s role helps inform top executives about the companies’ strategic risks while risk management function helps leadership use the proper techniques and methods to assess all the possible outcomes of different strategic paths.

In short, internal audit sees everything that is going on within a company. And risk management can take that knowledge and ensure that all contingencies can be properly understood.

During a panel session at RIMS 2012 Conference & Exhibition on enhancing the value of risk management, Diane Askwyth a risk manager at Harrah’s Entertainment, echoed these sentiments and expanded on how risk managers can partner with their colleagues in internal audit. “You have to look at internal audit as another pair of eyes for you,” said Askwyth. “It’s a very powerful resource if you can get that in your corner.”

In fact, more than just serving as an additional resource, that partnership can greatly enhance your standing in a company. Because if risk management isn’t using the knowledge that audit has, audit will be. And that will mean that the risk management department’s standing will be lowered by comparison.

“The group that knows the most about what’s going on in the entire organization on a very granular level is internal audit,” said Askwyth. “And from that perspective, they have a big advantage over us. So they can either be your enemy or they can be your best friend. It’s your job to make them your best friend — or else they’ll slit your throat.”

Kristina Narvaez of ERM Strategies, LLC  has some advice. She says there are three “Cs” that should govern risk management’s relationship with internal audit. “You can complement and collaborate but you don’t compete against each other,” she said.