Reporting Developments Affecting the Insurance and Reinsurance Industries


Financial Stability Oversight Council (FSOC) Releases 2022 Climate Progress Fact Sheet and Announces Climate Data and Analytics Pilot Program

In October 2021, the Financial Stability Oversight Council (FSOC) published its inaugural Report on Climate-Related Financial Risk making over 30 recommendations to U.S. state and federal financial regulators on how best to identify and address climate-related risks to the financial system. At that time, FSOC formed a new staff-level interagency committee, the Climate-related Financial Risk Committee (CFRC). At last week’s FSOC meeting, CFRC members reported their progress and released a Fact Sheet emphasizing interagency coordination and capacity building, in particular emphasizing data and methodological gaps. FSOC members reported on international and interagency cooperation prioritizing data collection and harmonization of reporting methodology.

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N.Y. DFS Issues 2021 Update on New York Domestic Insurers’ Management of the ‎Financial Risks from Climate Change

The New York Department of Financial Services (DFS) issued its 2021 Update on New York Domestic Insurers’ Management of the Financial Risks from Climate Change, analyzing 2021 survey responses from the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey or alternatively the Task Force on Climate-Related Financial Disclosures (TCFD). The report summarizes the submissions made by domestic insurers, highlights advances over the previous year, and reiterates DFS expectations while providing examples of good practices.

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Big Data for Insurers: Clarity about the New Connecticut Requirements

The Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices (available here).  The Notice, issued April 20, 2022, reminds “all entities and persons licensed by the Department that the Department continues to expect such entities and persons to use technology and Big Data in full compliance with anti-discrimination laws and have completed the [annual] data certification….”

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Texas Supreme Court Reverses Stop Loss Insurance Categorization Premium Tax Ruling

On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.

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May 2022 Property Insurance Law Updates

Issues to Watch

  1. Causation—What is an insured’s burden when the claimed loss involves a mix of covered and non-covered causes? Overstreet v. Allstate Vehicle & Prop. Ins. Co., No. 21-10462, 2022 WL 1579278 (5th Cir. May 19, 2022). This case involves a claim to replace a leaky roof. The insured claimed that the roof leaks were caused by a hailstorm, but the insurer determined that the leaks were due to uncovered causes, including wear and tear along with damage from prior hailstorms.
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