WASHINGTON (June 28, 2023)
ΒιΆΉΤ΄΄ Participates in Brookings Panel on Climate-Related Financial Risk
Addressing climate risk and resiliency is part of the ΒιΆΉΤ΄΄β (ΒιΆΉΤ΄΄) greater mission to manage risks, ensure the availability and affordability of insurance products, promote insurer solvency, and close protection gaps.
The U.S. Department of the Treasuryβs Federal Insurance Office (FIO) on Tuesday released a on βInsurance Supervision and Regulation of Climate-Related Risks.β The report makes 20 policy recommendations that involve the ongoing work of the ΒιΆΉΤ΄΄ related to climate risk and resiliency.
βThe ΒιΆΉΤ΄΄ is reviewing the key findings of the report and FIOβs recommendations as they pertain to actions state insurance regulators can take or are already taking to address climate risks and resiliency,β said Chlora Lindley-Myers, ΒιΆΉΤ΄΄ President and Director of the Missouri Department of Commerce and Insurance.
βWe note that many of the recommendations align with initiatives currently underway at the ΒιΆΉΤ΄΄ and are supported by the ongoing work of the ΒιΆΉΤ΄΄ Climate Risk & Resiliency Task Force,β Director Lindley-Myers said. The ΒιΆΉΤ΄΄ Climate Risk & Resiliency Task Force is co-chaired by Lori K. Wing-Heier, Director of the Alaska Division of Insurance, and Ricardo Lara, California Insurance Commissioner.
βAs FIO indicates in its new report, the states, the ΒιΆΉΤ΄΄, and FIO all have important roles to play in helping address climate-related risks in the insurance industry,β Director Lindley-Myers added.
To coincide with the FIO reportβs release, the Brookings Institution on Tuesday to discuss integrating climate-related risks into insurance supervision and regulation and to highlight efforts by the ΒιΆΉΤ΄΄ and state insurance regulators to address those risks.
Scott A. White, Commissioner of the Virginia Bureau of Insurance and Secretary-Treasurer of the ΒιΆΉΤ΄΄, represented the ΒιΆΉΤ΄΄ on a panel discussion on βAssessing Insurance Regulation and Supervision of Climate-Related Financial Risk.β
βI would like to thank the Brookings Institution for providing us an opportunity to discuss our ongoing work as state insurance regulators to address climate-related risk and resiliency. Across each U.S. state and territory, we face risks from natural perils and are united in our commitment to promote competitive and healthy insurance markets and protect consumers,β Commissioner White said. βWe share FIOβs commitment to mitigating climate-related risk and enhancing consumer outreach and education.β
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ΒιΆΉΤ΄΄ the ΒιΆΉΤ΄΄
As part of our state-based system of insurance regulation in the United States, the ΒιΆΉΤ΄΄ (ΒιΆΉΤ΄΄) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the ΒιΆΉΤ΄΄, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. ΒιΆΉΤ΄΄ staff supports these efforts and represents the collective views of state regulators domestically and internationally.