Creating a climate of change digest

On September 13, 2024, the National Association of Insurance Commissioners (NAIC) sent a letter to congressional leaders, urging them to support the long-term reauthorization of the National Flood Insurance Program (NFIP).

The Financial Stability Board (FSB) released a review of member financial authorities' initiatives to identify and assess nature-related financial risks. It covers supervisory and regulatory measures and explores central banks' and supervisors' views on nature degradation as a financial risk.

The National Association of Insurance Commissioners (NAIC) issued a press release about its members participating in the ASSAL-FSI-IAIS High-Level Meeting on Insurance Supervision (HLM) and the 2024 ASSAL Annual Conference in Uruguay.

On April 25, 2024, the US Department of the Treasury, and the Internal Revenue Service (IRS) released final rules on transferability, a key Inflation Reduction Act (IRA) provision that expands the availability of capital to advance the US clean energy...

In a series of significant developments, the US Department of the Treasury hosted a roundtable with insurance industry stakeholders on the impact of climate change on US insurance markets. To gain a comprehensive understanding of this important event and other...

On February 21, 2024, the National Association of Insurance Commissioners (NAIC) adopted a formal Statement on Environmental, Social, and Governance (ESG) Policies for the insurance sector.

On March 6, 2024, the Securities and Exchange Commission (SEC) issued a final rule that requires registrants to provide climate-related disclosures in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending...

In October 2023, Acting Comptroller of the Currency Michael J. Hsu issued statements at the Federal Deposit Insurance Corporation (FDIC) board meeting in support of rulemakings on the Community Reinvestment Act (CRA) and the finalization of cross-agency principles for climate-related...

Federal Insurance Office (FIO) publishes landmark report on gaps in insurance oversight of climate risk.

G7 Finance Ministers and Central Bank Governors released a joint communiqué detailing their commitment in acting against climate change and for financial sustainability.

The International Sustainability Standards Board (ISSB) requests information on its Consultation on Agenda Priorities.

In mid-March, the International Association of Insurance Supervisors (IAIS) revealed the first part of its public supervisory guidance on climate risk.

On January 17, 2023, the Board of Governors of the Federal Reserve System (FRB) released instructions for its first piloted climate scenario analysis (CSA) exercise.

On February 6, 2023, the Board of Governors of the Federal Reserve System (FRB) closed its 60-day public comment period on proposed principles for the safe…

An insurance climate risk data collection disagreement has emerged between federal agency and state regulators.

The Federal Reserve Board (FRB) announced, through press release on September 29, 2022, that six of the nation’s largest systemically important banks will participate…

California, Connecticut, and the House Financial Services Committee take action against climate change risk; the OCC announces a new chief climate risk officer.

Explore recent regulatory developments from the IOSCO, FSOC, and OFR; update on California’s Senate Bill SB 260, the Climate Corporate Accountability Act.

The Basel Committee on Banking Supervision (BCBS) released 18 principles for the supervision and risk management of climate-related financial risk for global…

Recent developments at the US Securities and Exchange Commission (SEC) reiterate the agency’s commitment to addressing ESG matters and incorporating coverage…

FDIC is the second of the three prudential banking regulators to outline risk management principles focused on climate-related risk.

The SEC’s much-anticipated proposal would require disclosing climate-related risks, greenhouse gas emissions, and climate-related financial metrics.

OCC continues taking a leadership role in bank supervision by stepping out from the pack to survey climate-related risk management maturity at large banks.

OCC publishes draft climate-risk guidance for large banks, building off recent efforts to encourage banks to accelerate their climate-related risk management practices.