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Climate Change Read

NYDFS: Regulated Insurers Must Assess Financial Risks from Climate Change, 2021 Exams Will Review

In Insurance Circular Letter No. 15 (2020), dated September 22, 2020, New York’s Department of Financial Services (“DFS” or “NYDFS”) states, at a high level, that it expects all New York insurers to start integrating the consideration of the financial risks from climate change into their governance frameworks, risk management processes and business strategies and that it intends to publish detailed guidance consistent with international best practices on climate-related financial supervision and welcomes input from industry in that process.