On February 9, 2021, the US National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2021, and these included Climate Risk and Resiliency. The NAIC is a US standard-setting and regulatory support organization created and governed by the chief insurance regulators from all 50 US states, the District of Columbia and five US territories.
The NAIC noted that it is committed to working with US state and federal, as well as international, stakeholders to coordinate climate-related risk and resiliency assessments, disclosures and evaluation initiatives so that each state has the information, policies and tools to promote resiliency and ensure stable insurance markets for its citizens. The NAIC's Climate Resiliency (EX) Task Force will progress these priorities as it takes up climate risk disclosure and related matters to better prepare insurance regulators to protect policyholders, and the insurance markets generally, against the financial consequences of climate risk.
Continue reading on MayerBrown.com for more detail on the NAIC's climate risk and resilience priorities and the current work plan of the Climate and Resiliency (EX) Task Force.
The post US NAIC Prioritizes Climate Risk for Insurers with a Focus on Disclosure appeared first on Eye on ESG.
Visit us at mayerbrown.com
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe - Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2020. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.