Bipartisan action requires use of Task Force on Climate-Related Financial Disclosures for annual state-led survey to protect consumers starting this year
A bipartisan group of state insurance regulators led by Insurance Commissioners Ricardo Lara of California and David Altmaier of Florida adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD standard is the international benchmark for climate risk disclosure and will help insurance regulators and the public to better understand the climate-related risks to the U.S. insurance market, which is the largest in the world. This announcement during the National Association of Insurance Commissioners’ (NAIC) spring meeting in Kansas City, Missouri, puts U.S. state insurance regulators on the forefront of climate risk disclosure to protect consumers.
