On August 31, 2021, the Federal Insurance Office (FIO) of the US Department of the Treasury published a request for information (RFI) on the insurance sector and climate-related financial risks for the FIO’s future work on:
- insurance supervision and regulation,
- insurance markets and mitigation/resilience, and
- insurance sector engagement.
Citing its role and statutory authorities,[1] FIO solicits public input under the RFI for 19 separate questions regarding a variety of matters ranging from general views for the FIO to assess and implement the Biden administration’s Executive Order on Climate-Related Financial Risk[2] to more specific questions regarding the FIO’s specified future work streams.
Comments are to be made on or before November 15, 2021, as specified in the RFI.
[1] That include, among others, to monitor all aspects of the insurance sector, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance sector or the US financial system and to collect data and information on and from the insurance sector. The FIO is also authorized to coordinate federal efforts and develop federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (IAIS).
[2] Discussed in our earlier February 8, 2021, Legal Update, “Biden Signs Far-Reaching Executive Order Setting Forth Climate Change Priorities.”