NAIC Responds to FIO’s Climate-Related Financial Risk Data Collection Proposal
The National Association of Insurance Commissioners (NAIC) has sent a letter to the U.S. Department of the Treasury in response to its Federal Insurance Office’s (FIO) request for comment on a proposed data collection from property and casualty insurers regarding underwriting data on homeowners’ insurance to assess climate-related financial risk.
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.