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Climate Change NAIC Insurance Industry

McDermott Will & Emery

Insurers: Climate Risk Disclosures Today, Scenario Testing Tomorrow

For more than a decade US insurance regulators have required certain insurers to file climate risk disclosure reports. In recent years, financial regulators in Europe have begun climate change scenario testing while still...more

Eversheds Sutherland (US) LLP

Highlights from the NAIC Summer 2024 National Meeting

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

Mintz

Congressional Democrats Press For Integration of Climate-Related Financial Risks in Insurance Regulation

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On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more

McDermott Will & Emery

US Insurers: Climate Change Disclosure Litigation and Data Calls Await

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The climate change landscape for insurers has changed dramatically this past month. There are multiple developments insurers should keep in mind – and not just the US Securities and Exchange Commission’s (SEC) recent adoption...more

Eversheds Sutherland (US) LLP

Federal Insurance Office announces plans for “first of its kind” climate data call on homeowners’ insurance

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

Locke Lord LLP

Colorado Joins NAIC Climate Risk Disclosure Group

Locke Lord LLP on

Earlier this month, Colorado Governor Jared Polis (D) signed S.B. 16, mandating the Colorado Insurance Commissioner to adopt rules such that insurance carriers licensed in Colorado participate in the NAIC Climate Risk...more

Locke Lord LLP

Illinois to Participate in the Climate Risk Disclosure Survey

Locke Lord LLP on

On October 13, 2022, the Illinois Department of Insurance (the “Department”) issued Company Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all domestic insurers and advises that the Department will now...more

Mitchell, Williams, Selig, Gates & Woodyard,...

National Association of Insurance Commissioners (NAIC) 2022 Summer Meeting Summary

The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have...more

McDermott Will & Emery

Climate Change Regulatory Update for US Insurers: August 2022

McDermott Will & Emery on

This year started off with a surge of enthusiasm among US proponents of increased climate-related financial risk disclosure by insurers and others: - Soon after the late-2021 Conference of the Parties (COP) 26 event in...more

Locke Lord LLP

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

Locke Lord LLP on

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...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

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

McDermott Will & Emery

Climate Change Regulatory Update for US Insurers: April 2022

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If anyone believed that the US Securities and Exchange Commission’s (SEC) release of proposed climate change-related disclosure requirements last month might have been an isolated matter, of immediate importance only to the...more

Locke Lord LLP

Insurers Hit With Two Climate ‎Disclosure Developments on Same Day

Locke Lord LLP on

Like two kids that show up to school wearing the same outfit, the SEC and the NAIC both proposed significant new climate reporting requirements on March 21, 2022. The SEC’s new rule would, if adopted, require most public...more

McDermott Will & Emery

Climate Change Regulatory Update for US Insurers

After a variety of promises concerning climate change-related regulatory development activity last year, forward movement has been relatively slow. The leading exception has been the New York Department of Financial Services...more

Eversheds Sutherland (US) LLP

Climate-related insurance regulatory roundup

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

Eversheds Sutherland (US) LLP

NAIC report - 2021 Fall National Meeting

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

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

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

BCLP

NYDFS Outlines Expectations for Climate Change Risk Management By Domestic Insurers

BCLP on

On November 15, 2021, the New York Department of Financial Services (NYDFS) finalized guidance, originally proposed in March 2021, on how New York-domestic insurers should manage climate change risk. See, Guidance for New...more

McDermott Will & Emery

Insurance Industry Expected to Play Major Role in Addressing Climate Change Following COP26

McDermott Will & Emery on

The insurance industry was front and center before, during and after the first days of the United Nations’ (UN) climate change summit, Conference of the Parties (COP26), in Glasgow, Scotland, which concluded earlier this...more

Eversheds Sutherland (US) LLP

New York Department of Financial Services announces creation of new Climate Risk Division and issues guidance on managing the...

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

Eversheds Sutherland (US) LLP

New York Department of Financial Services announces newly-created Climate Risk Division

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

Eversheds Sutherland (US) LLP

New York State Department of Financial Services releases proposed guidance for New York insurers on managing climate risks

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

McDermott Will & Emery

The Future of Climate Change Risk Regulation for Insurers in America?

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In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very...more

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