Insurance regulators attack Biden plan to assess climate risk

on Dec 09, 2022 03:55:PM

State insurance regulators are assailing the Biden administration’s plan for collecting detailed information from insurance companies to analyze how climate change is affecting the cost and availability of property coverage.

The National Association of Insurance Commissioners warned that the Treasury Department’s analysis will probably yield “fallacious results in trying to identify climate risk.” The association, which represents state regulators, asked Treasury’s Federal Insurance Office to “reconsider its ill-advised approach.”

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