Topic: Climate Change

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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Connecticut Passes the First Climate-Related Risk Legislation in the United States

The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.

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New York Department of Financial Services Issues Proposed Guidance for Managing the Financial Risks of Climate Change

New York Department of Financial Services (DFS) released its climate change guidance New York domestic insurers for comment on March 26, 2021. The Guidance, found here, seeks to support domestic insurers in managing the financial risks associated with climate change.

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Connecticut’s Bill Concerning Insurance And Climate Change

On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.

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The UK’s PRA Assesses Climate Change Risks to the Insurance Industry

On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions with stakeholders knowledgeable about the insurance industry.

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Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk

On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013. 

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