The Risk and Insurance Management Society has identified its legislative priorities for this year.

The US group will focus on third-party litigation funding, the Terrorism Risk Insurance Act, the National Flood Insurance Program and non-profit tax reform.

On the NFIP, the society will “continue to call for the reauthorisation of a long-term [program]. The program is the primary source of flood insurance coverage for residential properties in the US.

“The NFIP encourages private insurance companies to remain in the flood insurance market, helps property owners and developers to better protect assets, and includes provisions to fund flood zone mapping and building code standards updates.”

The society says with the Terrorism Risk Insurance Act due to expire in December next year, it will “once again advocate for TRIA’s value and the critical role it plays in ensuring the affordability and availability of insurance in major cities while also establishing a public-private insurance response to catastrophic losses resulting from terrorism.”