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Treasury Climate Data Plan Deemed ‘Ill-Advised’ by States

Nov. 23, 2022, 8:56 PM

The Treasury Department’s recent proposal to collect climate risk data from property insurers is an “ill-advised” approach that fails to show good faith to work with state regulators, the National Association of Insurance Commissioners said.

The department’s plan to collect and analyze climate risk data on its own ignores state insurance regulators’ decades of efforts and expertise on natural disaster risks and underwriting, NAIC said in a Tuesday letter to Treasury’s Federal Insurance Office.

“We are disappointed and concerned that Treasury chose not to engage insurance regulators in a credible exercise to identify data elements gathered by either the ...