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.
Climate Change
You don’t need a weather man to know which way the wind blows* (*Bob Dylan)
By skellyricher on
Dave Jones, California Insurance Commissioner took an aggressive stand on Climate Change in a Press Release issued June 21, 2017, stating that if any “…climate denying politicians of red states who threaten to sue me, I will happily defend my obligation as California’s Insurance Commissioner to make sure insurers are…
The UK’s PRA Assesses Climate Change Risks to the Insurance Industry
By Troutman Pepper Locke on
Posted in Climate Change, Regulatory
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…
Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk
By Troutman Pepper Locke on
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. …
States to Require Insurer Participation in Climate Risk Disclosure Survey
By Troutman Pepper Locke on
The California Department of Insurance (the “CDI”) has issued a press release announcing that it has joined with the Washington and New York State Insurance Departments to require insurers to respond to the Climate Risk Survey adopted by the National Association of Insurance Commissioners (the “NAIC”) in 2009. …
U.S. Supreme Court Takes Up Climate Change Public Nuisance Suit
By Troutman Pepper Locke on
The U.S. Supreme Court justices on Tuesday questioned whether a common law public nuisance suit against major greenhouse gas emitters was treading on territory usually, and perhaps more fittingly, handled by the U.S. Environmental Protection Agency (EPA). …
Hydrofracking: Study Finds “Shale Gas” May Have Greater GHG Footprint Than Coal
By Troutman Pepper Locke on
Natural gas obtained from shale formations using the controversial method of hydraulic fracturing (“hydrofracking”) have a higher greenhouse gas footprint than when obtained from conventional methods, according to a study recently released by the academic journal Climate Change Letters. …
Prince Charles’ ClimateWise Finds Insurers Are Increasing Investment in Climate-Friendly Businesses
By Troutman Pepper Locke on
Launched by Prince Charles in 2007, ClimateWise is global collaboration of leading underwriters and brokers focused on reducing the risks of climate change. For a complete list of member insurance companies, click here. …
NAIC to Move Forward with Insurer Climate Risk Disclosure Survey
By Troutman Pepper Locke on
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).
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NAMIC Issues Letter to NAIC Noting Its Observations on Current Controversy Surrounding Climate Change Science
By Troutman Pepper Locke on
Posted in Climate Change, United States
The New York Times is reporting on a January 8, 2010, letter from NAMIC to the NAIC responding to the request by the Climate Change and Global Warming Task force for comments on issues concerning the proposed Insurer Climate Risk Disclosure Survey.
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