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Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

InsureReinsure Blog
September 1, 2021

On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual framework for categorizing climate-related financial risk and its three pronged approach to implement portions of the President’s January 27, 2021 Executive Order on the Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial Sector.  The FIO priorities include evaluating insurance supervision and regulation, examining insurance markets and mitigation/resilience, and promoting insurance sector engagement on climate issues.

The FIO requested comments on these priorities for implementation of the Executive Orders and sought responses to nineteen total information requests.  The FIO is seeking written comment on or before November 15, 2021. Comments can be submitted through the https://www.regulations.gov/ site or via mail to the address in the Request, which can be accessed here.

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