News & Analysis as of

Insurance Industry Task Force on Climate-related Financial Disclosures (TCFD)

Locke Lord LLP

Colorado Joins NAIC Climate Risk Disclosure Group

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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

BCLP

What are the climate change reporting requirements that UK insurers are required to comply with?

BCLP on

In line with the UK’s Net Zero Strategy, the UK became the first G20 country to adopt the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), with effective dates rolling out for different...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

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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

Locke Lord LLP

Connecticut Department of Insurance Proposes Guidance on Climate Change Financial Risk

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Following on the heels of the New York Department of Financial Services (“NYDFS”), the National Association of Insurance Commissioners (“NAIC”) and the U.S. Security and Exchange Commission (“SEC”), the Connecticut Department...more

Locke Lord LLP

NAIC Adopts New Climate Risk Disclosure Standard for its Survey

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The NAIC adopted at its April 7 meeting the recommendations of its Climate Risk & Resiliency Task Force to revise its Climate Risk Disclosure Survey. As we described in our Locke Lord QuickStudy: Insurers Hit with Two...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

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

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

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

Faegre Drinker Biddle & Reath LLP

NAIC Climate Risk Disclosure Survey Responses of Insurers Coming Into Sharper Focus

In 2010, the NAIC adopted the Insurer Climate Risk Disclosure Survey (Survey) “for state insurance regulators, investors, and consumers to identify trends, vulnerabilities, and best practices by collecting information about...more

Latham & Watkins LLP

FCA Proposes New Climate-Related Disclosure Regime

Latham & Watkins LLP on

The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure...more

WilmerHale

Green Swan Conference Highlights Emerging Central Bank Consensus on Supervisory Approaches to Financial Risks Arising From Climate...

WilmerHale on

From June 2 to June 4, leading central bankers, policymakers, regulators, private sector CEOs, civil society members and academics gathered for the Green Swan 2021 Global Virtual Conference. The conference was co-hosted...more

Holland & Knight LLP

The Financial Sector and Government Contractors in the Environmental Bull's-Eye

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The Biden Administration on May 20, 2021, issued its latest and long-awaited Executive Order (EO) on climate-related financial risk. This EO reflects how the administration is continuing to take a "whole of government"...more

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