On May 2, 2025, the Florida Senate voted to pass Senate Bill (SB) 1549, which would repeal the requirement for insurance producers to perform a diligent search of the admitted market before placing Florida risks with a...more
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
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
3/18/2024
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Insurance Industry ,
NAIC ,
New Rules ,
Popular ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
State Legislatures
SEC CLIMATE FINANCIAL RISK DISCLOSURE: RELEASE OF THE AGENCY’S REVISED REGULATION?
At some point in October 2023, the US Securities and Exchange Commission (SEC) is expected to release the long-awaited final version of its...more
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
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
5/6/2022
/ Corporate Counsel ,
Corporate Governance ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Documentation ,
Holding Companies ,
Insurance Industry ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Reinsurance Agreements ,
Working Groups
On April 27, members from McDermott’s ESG, Impact & Sustainability Group, including Counsel David Cifrino and Partners Thomas Dawson, Carl Fleming and Jacob Hollinger, hosted a webinar on risks, opportunities and disclosures...more
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
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
4/1/2022
/ Attestation Requirements ,
Climate Change ,
Disclosure Requirements ,
Financial Services Industry ,
Greenhouse Gas Emissions ,
Insurance Industry ,
Materiality ,
NAIC ,
NYDFS ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
State Legislatures
The US Securities and Exchange Commission’s (SEC) recently proposed landmark climate-related disclosure rules draw attention to a broad scientific consensus that to avert catastrophic consequences from climate change, the...more
3/29/2022
/ Business Opportunities ,
Carbon Emissions ,
Climate Change ,
Disclosure Requirements ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Insurance Industry ,
Investors ,
Net Zero ,
Publicly-Traded Companies ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Webinars
There are less than two months before world leaders meet in Glasgow for the UN-sponsored Climate Change summit known as the Conference of the Parties (COP 26). This summer, we have been inundated with dire reports about...more
9/14/2021
/ Climate Change ,
Disclosure Requirements ,
Dodd-Frank ,
Environmental Policies ,
Federal Insurance Office ,
Flood Insurance ,
FSOC ,
Joe Biden ,
NAIC ,
New Regulations ,
NYDFS ,
ORSA ,
Risk Assessment ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
United Nations
In late November 2020, we published a high-level review of insurance regulatory developments relating to climate change, available here. In the six weeks since, regulators and industry participants on both sides of the...more
1/5/2021
/ Climate Change ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
EIOPA ,
EU ,
Financial Regulatory Agencies ,
IAIS ,
Insurance Industry ,
ORSA ,
Proposed Amendments ,
Regulatory Oversight ,
Risk Management ,
Sustainable Finance ,
Underwriting