Treasury report recommends stricter supervision of insurers’ climate risks
By 
Jeff Dale2023-06-27T23:42:00
The Treasury Department’s Federal Insurance Office (FIO) issued a report Tuesday on gaps in how states supervise and assess climate-related risks among insurers.
The 68-page report expands upon efforts to collect data on climate-related risk in the insurance industry, specifically at the state level. The report was conducted and released in response to an executive order by President Joe Biden in May 2021.
Some states already have policies in place to incorporate climate-related risks into state insurance regulation and supervision, but these efforts are “fragmented … and limited in several critical ways,” the Treasury said in a press release.
Related articles
-
News BriefSEC commissioner: ESG standards attempt to ‘measure the unmeasurable’
Hester Peirce of the Securities and Exchange Commission argued materiality-based standards—not environmental, social, and governance standards—best suit investors’ needs during a recent speech.
-
News BriefNew COSO guidance tackles sustainability reporting
The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.
-
PremiumDoes ESG offer opportunity? Or is it just another area for compliance friction?
Compliance practitioners share their experiences navigating responsibilities related to environmental, social, and governance without stepping on the toes of other colleagues.
More from Regulatory Policy
-
News BriefFinCEN again delays U.S. ban on three Mexican financial institutions
The order barring three Mexican financial institutions from doing business with U.S. financial institutions has been delayed until October.
-
Basic PageSEC taps military judge as Enforcement Division Director
The SEC has named Margaret “Meg” Ryan, a senior military judge and Harvard Law lecturer, as its next Enforcement Division Director—an unconventional pick that could signal changes in enforcement strategy.
-
ArticleCalifornia privacy regulator unveils new cyber, risk, and automation rules
Businesses operating in California will need to meet new, first-in-the-nation privacy requirements for cybersecurity, risk assessments, and automated decision-making technology, under a large expansion of rules by the state.