In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Summer National Meeting that was held in...more
On November 1, 2023 the Department of the Treasury’s Federal Insurance Office (FIO) formally submitted a request to proceed with a climate-related financial risk data collection for homeowners’ multi-peril underwriting data...more
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
5/11/2022
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
Climate change continues to preoccupy the public and policymakers, and a number of legal and regulatory initiatives in the US, UK, and elsewhere are currently underway that may affect insurers. This report provides a...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more
1/6/2022
/ Advisory Committee ,
Annuities ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Cannabis Products ,
Climate Change ,
Credit Ratings ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Popular ,
Privacy Policy ,
Private Equity ,
Regulatory Standards ,
Reinsurance ,
Technology ,
Underwriting
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
12/3/2021
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
Business Strategies ,
Climate Change ,
Final Guidance ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Factors ,
Risk Mitigation ,
State Administrative Agencies ,
Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 15 (2020) (Circular Letter) relating to the impact of climate change on insurers. Among other things, the Circular Letter outlines...more