We have reported previously on the NAIC’s preparations to implement its Insurer Climate Risk Disclosure Survey (the “Survey”) (click here for our last post).
On March 25, 2010, at the NAIC Spring 2010 National Meeting, the Climate Change and Global Warming Task Force (the “Task Force”) re-opened discussions on the Survey. Commissioner Joel Ario (Pennsylvania), Chair of the Task Force, reported that there had been considerable debate, since adoption of the Survey, over whether the proposed approach was appropriate. Commissioner Ario invited a fresh discussion of whether the Survey should be carried out in its current form, or at all, opening the floor first to members of the Task Force and then to other interested parties in the room, including representatives from the Property Casualty Insurers Association of America, the Reinsurance Association of America, the National Association of Mutual Insurance Companies and the Rockefeller Family Fund, who expressed a wide range of views.
Following the discussion, Commissioner Ario proposed that the Survey should move forward as proposed. He noted that the State prerogative permits each State to choose whether or not to circulate the Survey. Commissioner Ario encouraged each State that circulates the survey to do so in un-amended form, so that there is consistency between the States. Commissioner Ario proposed that the position be reassessed at the NAIC’s August 2010 National Meeting. Finally, Commissioner Ario noted that, given the delays in circulating the Survey, the original reporting date of May 1 may be pushed back.