Featured Product

    US Authorities to Address Climate Risks in Insurance Sector

    February 17, 2022

    The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced that it has joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). In addition, the Federal Advisory Committee on Insurance (FACI), to further enhance FIO’s climate work, launched the Climate-Related Financial Risk Subcommittee, which will support FACI in providing expert advice and recommendations relevant to the work on climate-related risks in the insurance sector.

    FIO in collaboration with NGFS and its global membership, will work on assessing climate-related financial risks and their effects on the insurance sector. Previously, in August 2021, FIO issued a request for information on the insurance sector and climate-related financial risks, in which three climate-related priorities were outlined. The priorities were:

    • assessing climate-related issues or gaps in the supervision and regulation of insurers, including their potential impacts on U.S. financial stability
    • assessing the potential for major disruptions of private insurance coverage in U.S. markets that are particularly vulnerable to climate change impact as well as facilitating mitigation and resilience for disasters
    • increasing FIO’s engagement on climate-related issues and leveraging the insurance sector’s ability to help achieve climate-related goals

    To advance these priorities, FIO will publish a climate report by the end of the year, with a focus on insurance supervision and regulation and an assessment of climate-related issues or gaps in the supervision and regulation of insurers, including the potential impact of climate change on the U.S. financial stability. In addition, the report will include an analysis of climate-related disclosures for the insurance sector and might also include initial analyses of the selected at-risk insurance markets.


    Related Links: 


    Keywords: Americas, US, Insurance, Climate Change Risk, ESG, Disclosures, NGFS, FIO, FACI, US Treasury

    Featured Experts
    Related Articles

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697