Reporting Developments Affecting the Insurance and Reinsurance Industries


Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information ‎regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a ‎conceptual framework for categorizing climate-related financial risk and its three pronged ‎approach to implement portions of the President’s January 27, 2021 Executive Order on the ‎Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial ‎Sector.

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New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary

On May 12, 2021, New Jersey adopted a law requiring insurers ‎issuing policies covering loss or damage to property, including the loss of use and occupancy ‎and business interruption, to provide their insureds with a one page summary of common ‎insurance clauses in such commercial property policies. The summary, which was developed by the New Jersey Department of Banking and Insurance (“DOBI”), was posted on their website on August 16, 2021 and must be provided to all existing policyholders within 90 days of its posting (which is November 13, 2021). The summary is also required to be provided to any potential purchaser, or to any policyholder seeking renewal.

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Illinois Passes Uniform Electronic Transactions Act

Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.

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