RIMS Advocacy in 2026 with Mark Prysock

Feb 17, 2026

Ask episode

Chapters

Transcript

Episode notes

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews RIMS General Counsel Mark Prysock on RIMS Public Policy Focus in 2026.

The RIMS Public Policy Committee is focusing on several legislative issues in 2026. These include the reauthorization of the Terrorism Risk Insurance Act, a federal government backstop in the event of a catastrophic terrorist attack. The bipartisan legislation would reauthorize program funding through 2034.

The Public Policy Committee is tracking an association tax reform proposal to levy a 21% tax on nonprofits' net earnings. Republicans and Democrats together are interested in the potential tax revenue of this proposal. RIMS serves on the Steering Committee of an association coalition led by ASAE to try stop this new tax from moving forward.

Other legislative interests include reforming the National Flood Insurance Program, mandating disclosures around third-party litigation funding of civil lawsuits, and providing the risk management perspective on various cybersecurity and data privacy initiatives.

This year's Legislative Summit, scheduled for March 18th and 19th in Washington, DC, will allow RIMS members to meet with their members of Congress to discuss these issues. Registration for the Summit is now open. Justin and Mark discuss these topics and more in today's interview.

Finally, if you haven't already done so, please consider contributing to RISK PAC, the Society's political action committee.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. Our guest is RIMS General Counsel and VP of External Affairs, Mark Prysock. He's here to tell us what's going on with RIMS advocacy efforts and the top items on our legislative agenda in 2026 and beyond. But first…

[:47] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep.

[:57] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course.

[1:06] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo.

[1:22] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:29] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:43] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:54] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:12] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers.

[2:32] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you!

[2:57] On with the Show! Our guest today is Mark Prysock, the General Counsel and Vice President of External Affairs here at RIMS. It is always wonderful to have him on the show.

[3:07] He's here to remind us of the RIMS legislative priorities of 2026 and how they will be addressed during the RIMS Legislative Summit on March 18th and 19th in Washington, D.C., and who qualifies to attend.

[3:19] He will also talk about what else we can expect in the way of public policies that RIMS would like to prevent, and those we support. There are lots of links in this episode's notes. You can visit RIMS.org/advocacy, as well.

[3:30] Let's learn about the policies that are changing the risk landscape.

[3:34] Interview! Mark Prysock, welcome back to RIMScast!

[4:15] Mark says the RIMS priorities for 2026 include third-party litigation funding, where third parties, often from other countries, invest in civil litigation. This is of great concern from a national security perspective.

[5:22] If a foreign firm wants to invest in a lawsuit against a defense manufacturer, that foreign investor will have access to everything that comes out in discovery.

[5:36] There's a lot of information that can be gleaned through civil litigation. That is a national security concern. That's one of the things we are hoping Congress will address.

[5:55] Justin notes that RIMS had a couple of webinars about TPLF in 2025. The webinar panelists were incredibly knowledgeable and passionate about prevention. They covered ways to spot it and what to do about it.

[6:21] Mark states that there is a strong link between TPLF agreements and nuclear verdicts for substantial amounts of money.

[6:34] There's a real risk from a commercial insurance buyer's perspective if you are in an industry that is subject to TLPF arrangements, that the insurance for these types of lawsuits could dry up or become substantially more expensive. This could be extremely problematic.

[7:15] Congress is considering reauthorizing the Terrorism Risk Insurance Act (TRIA). There is bipartisan support for it. The full House will be voting on it before too long. This may get wrapped before the RIMS Legislative Summit. The reauthorization would extend through 2034.

[7:40] Mark says that overall, RIMS would support a long-term reauthorization of the program.

[9:25] A proposal to tax the net earnings of non-profits came up almost two years ago. Some members of Congress feel that non-profits compete with for-profit organizations but don't bear the same tax burdens. Congress is always looking for new revenue streams.

[11:08] Congress is not done with budget bills and comprehensive tax bills. If there is a bill that comes forward this year, RIMS will try to make sure that there are no changes in the way that non-profits are taxed.

[11:28] Justin points out that RIMS is serving on the steering committee of a broad-based association coalition led by the American Society of Association Executives. It's called the Community Impact Coalition. A substantial number of associations in the D.C. area are involved.

[11:50] Being on the steering committee means that RIMS plays a very active role in settling on the legislative strategy in dealing with this issue.

[12:01] Mark says it's great to be involved in working with this group. They had a great deal of success last year in making sure none of these new tax provisions were included in the budget reconciliation bill.

[12:15] WMark says that we just need to make sure again, for the last half of this session of Congress, that those tax provisions don't rear their ugly heads again.

[12:24] Justin states that we love ASAE at RIMS. In 2023, RIMScast won an NYSAE Award for MarCom Excellence.

[12:40] Justin asks about the National Flood Insurance Program (NFIP). It is typically funded as part of the Continuing Resolution, a bill that funds the federal government in general. That bill is considered by Congress every three to nine months.

[13:22] We often reach a point where the issues regarding the Continuing Resolution are hashed out at the eleventh hour. Sometimes, they're not, and the government experiences a partial shutdown, which, at the time of recording this episode, we are currently in.

[13:42] At present, the NFIP is not funded. RIMS advocates for the NFIP to be reauthorized, with enhancements, for an extended time, such as two or three years. However, if it were not part of the Continuing Resolution, it would no longer be considered must-pass, and it might go away.

[15:31] Mark talks about attending the RIMS Legislative Summit. You may attend if you are a RIMS member working for a company that does business in the United States.

[15:37] Mark says we are looking for RIMS members who represent companies that are constituents of Members of Congress, so you can go in, talk to a Member, say I am here on behalf of RIMS, and I work for a company that has X number of employees in your district.

[15:59] Say that these are some risk management issues that my company is facing right now. I'd like to talk to you about those, if I could.

[16:08] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th.

[16:29] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes.

[16:42] February is Insurance Careers Month! That coincides nicely with the Spencer Educational Foundation's 7th Annual Spencer Day, which will be February 23rd.

[16:54] Spencer's CEO, Megan Miller, was recently a guest on RIMScast, and we were discussing how everyone can join in this virtual celebration. Spencer is seeking $47 donations in honor of its 47th year.

[17:11] The goal on Spencer Day is to raise $7,500 to support an additional scholarship, which will be awarded in the Spring. A link to Spencer Day information is in this episode's show notes. Visit Spencered.org/spencer-day.

[17:27] Let's Return to Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock!

[17:58] Mark says the RIMS Legislative Summit will take place in Washington, D.C., on March 18th and 19th. March 18th is Education Day, held at the U.S. Chamber of Commerce Building in D.C. There will be training on the various advocacy issues.

[18:28] There will be panel discussions around third-party litigation funding, reauthorizing the National Flood Insurance Program, and association tax reform. They bring together many people from the D.C. community to talk about these issues.

[18:45] This includes lobbyists, people from the administration, Congressional staffers, and people who are going to bring different perspectives to provide RIMS attendees with a well-rounded understanding of each of these issues.

[19:04] After that, there will be a basic presentation on how to lobby Members of Congress, with all the dos and don'ts. By that time, RIMS members will be ready to go. There will be one-page leave-behinds that outline an issue in depth and have a specific ask for Members of Congress.

[19:27] Mark says we'll make sure that those one-pagers are transmitted to all the Congressional offices we'll be visiting, before our meetings, and also have printed leave-behinds for our members to take with them when they go to the Hill.

[19:41] Thursday, March 19th, will be a full day. We release the hounds! Everybody hits the Hill, talks to Congressional staff members, and maybe Members of Congress, about our legislative priorities.

[20:11] Mark says the pitch in 2025 was solid. One issue, the Freedom to Invest in Tomorrow's Workforce Act, liberalized the use of 529 College Savings Accounts for credentials, certifications, and things that might advance their careers in other ways.

[21:06] There was very strong bipartisan support in the House and the Senate. Mark says RIMS participated in a very effective lobbying campaign on this. That legislation was passed into law using the exact language that our lobbying campaign recommended.

[21:28] For Mark, that was a high point from last year's RIMS Legislative Summit. Another high point was the attendance numbers. There were about 100 Congressional visits in total. RIMS was very well-represented last year, and Mark hopes we outdo ourselves this year.

[21:52] A Final Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[22:12] General registration is open, and you can lock in the Advance Rates through February 28th. Marketplace and Hospitality Badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information.

[22:29] Let's Conclude Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock.

[22:48] Beyond the Legislative Summit, the RIMS Public Policy Committee wants to work very closely with the RISK PAC Trustees to raise awareness around RISK PAC and the important role that it plays in supporting our legislative program.

[23:05] RISK PAC is the RIMS political action committee. It's a vehicle to raise personal funds from RIMS members and use those dollars to support the reelection campaigns of Members of Congress who RIMS believes already support our issues or are in a position of influence.

[23:38] Mark says we have some fairly exciting new things happening with RISK PAC this year. The first is a fundraising reception at RISKWORLD on Sunday afternoon, just before the opening general reception.

[24:29] Any RIMS member who is a U.S. citizen can support the RISK PAC. Make a contribution to the PAC in order to attend.

[24:58] RISK PAC will have a fundraiser at the Florida RIMS Conference in July. They are planning on more exposure at other regional conferences this year, as well.

[25:36] Mark expects a lot of good things to happen for the RISK PAC this year, and hopes to raise a good amount of money to support our legislative initiatives.

[26:14] Mark says TRIA is becoming a new, very relevant issue to the risk management community. It's all about extending an existing program.

[26:39] Last week's RIMScast guest was RIMS's 70th President, Manny Padilla. Mark says Manny has been a long-time supporter of the Public Policy Program and Committee. He's a financial supporter of RISK PAC. He's a regular attendee at the RIMS Legislative Summit.

[27:41] Having someone in the President's role who is enthusiastic and supportive of our Public Policy Program is great for us.

[27:50] Mark says that Manny Padilla has been great for connecting the Public Policy Committee with other people working on similar issues.

[28:10] Justin and Mark look forward to speaking more, later in the year, about what is accomplished on these issues.

[28:33] If you have any questions before the RIMS Legislative Summit, you can visit RIMS.org/advocacy or reach out to Mark Prysock directly. He'd love to hear from you.

[28:53] Special thanks again to Mark Prysock for joining us here on RIMScast and providing these very critical advocacy and legislative updates. The RIMS Legislative Summit will be held on March 18th and 19th.

[29:10] Register today at RIMS.org/advocacy. There is also information about the RISK PAC. We want you to get involved and take part in advocating for your profession!

[29:26] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[29:54] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information.

[30:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.

[30:31] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[30:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[31:01] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org.

[31:13] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Legislative Summit – March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RISK PAC | RIMS Advocacy

RISKWORLD 2026 Registration – Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation | Spencer Day — Feb. 23, 2026

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP)| Insights Video Series Featuring Joe Milan!