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NAIC Levels Up on Climate & Resiliency
WASHINGTON (July 17, 2020) — The National Association of Insurance Commissioner’s (NAIC) Executive Committee created a new task force focused on Climate & Resiliency on July 14. The task force will report to the NAIC Executive (EX) Committee.
“Our focus on climate-related risk and resiliency issues encompasses years of engagement. The timing is perfect for us to examine, on a micro-level, the various opportunities that managing and mitigating climate risk and resiliency will provide consumers,” said NAIC President and South Carolina Department of Insurance Director, Ray Farmer.
The first meeting of the Climate & Resiliency (EX) Task Force is tentatively scheduled to be held during the NAIC’s virtual summer national meeting. Leadership of the new task force and full membership is still under consideration and all members have been invited to participate.
The Climate & Resiliency (EX) Task Force has been charged with coordinating all of the NAIC’s domestic and international efforts on climate-related risk and resiliency issues, including dialogue among regulators and with industry, consumers and other stakeholders. In addition, the group will consider appropriate climate risk disclosures; evaluate financial regulatory approaches to climate risk and resiliency; consider innovative solutions to climate risk and resiliency; Identify sustainability, resilience and mitigation issues and solutions related to the insurance industry; as well as take into consideration pre-disaster mitigation and resiliency and the role of insurance regulators in resiliency, as it makes recommendations.
NAIC CEO Mike Consedine said, “Formation of this new executive task force demonstrates the NAIC member commitment to climate risk and community resiliency. There is not a NAIC member whose consumers haven’t been touched by climate risk. We thank our officers and members, particularly California and Washington, who all have been our thought leaders and supporters of our engagement on this generational issue.”