News & Analysis as of

NYDFS Climate Change Disclosure Requirements

Clark Hill PLC

New York Enacts Parametric Insurance Law

Clark Hill PLC on

On Dec. 13, 2024, New York Governor Kathy Hochul signed a bill integrating parametric insurance into the state’s existing legal framework for insurance products under the New York Insurance Law (“NYIL”). Assembly Bill A10344...more

Troutman Pepper Locke

With Delayed Federal Action on Mandatory Climate Disclosures, States and Regulators Fill the Void

Troutman Pepper Locke on

In the absence of comprehensive federal action, states and regulators are enacting legislation and issuing guidance requiring climate-related disclosures, stepping in to fill the void left by the U.S. Securities Exchange...more

Latham & Watkins LLP

NYDFS Proposes Guidance on Climate Change Risk Management

Latham & Watkins LLP on

The Guidance would increase expectations for regulated financial institutions to identify, measure, monitor, and control climate-related financial risks. For the past few years, the New York State Department of Financial...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

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

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

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 Regulation for US Insurers: September 2021 Update and Overview

McDermott Will & Emery on

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

Eversheds Sutherland (US) LLP

New York Department of Financial Services sets expectations for insurers to incorporate climate change risk into governance, ERM,...

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

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