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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.

IBOR Transition

The transition from LIBOR to alternative benchmark interest reference rates is shaping up to be one of the most fundamental changes to the financial services industry in recent times. LIBOR is used in more than $300 trillion of mortgages, commercial loans, bonds and derivatives.