Insurance Regulators Meet

Something to keep an eye on is the National Association of Insurance Commissioners’ (NAIC) Spring National meeting held in San Diego, California the first half of this week. One key matter up for consideration is the NAIC’s revised climate risk disclosure survey proposal. The draft survey requires insurers to answer generalized questions about the risks posed by climate change and the actions they are taking in response to their understanding of climate change risks. It is designed to help regulators measure the impact of climate change on policyholders and insurer operations. We understand the latest revised draft would no longer require that disclosure of climate change risks be included as part of an insurer’s Financial Annual Statement (FAS) due to industry concerns about public disclosure requirements and potential litigation exposure. If the survey is adopted at the meeting it would be effective in 2010 for the 2009 reporting year. Check out I.I.I. information on climate change and insurance.  

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