NAIC Outlines Climate Initiatives at Bermuda Climate Summit
The National Association of Insurance Commissioners (NAIC) participated on three panels as part of the Bermuda Climate Summit 2023, held in Hamilton, Bermuda, on June 26-27.
On June 26, California Department of Insurance Commissioner and NAIC Climate and Resiliency (EX) Task Force (TF) Co-Chair Ricardo Lara discussed the future of the TF, specifically regulators’ views toward climate risk disclosure reporting; financial regulatory approaches to climate risk and resilience; innovative insurer solutions to adaptation, resilience, and mitigation; and the role of state insurance regulators in resiliency.
Also on June 26, Commissioner Lara participated on the panel “Climate and the Evolving Regulatory Landscape,” during which he spoke about the evolving nature of climate reporting, highlighting the work of the NAIC and discussing the future of monitoring and disclosing climate risks.
On June 27, NAIC President and Missouri Department of Commerce and Insurance Director Chlora Lindley-Myers participated in a panel (pictured at top) on the National Flood Insurance Program and the reinsurance sector. Specifically, she focused on the importance of consumer protection to ensure that consumers understand the program and their coverage.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) 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 NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.