New York Partner Andrew Otis shared insight with InsuranceERM on information gathered by the Federal Insurance Office (FIO) in response to its call for comments on climate regulation, stemming from President Biden’s May Executive Order on climate-related financial risk.
Otis noted he expects the FIO to compile the responses into a report which will help state regulators carry out their own investigations. With its limited powers, however, the FIO is not expected to get down deep into instigating a climate revolution, he added.
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