New Layer Of Federal Oversight Would Complicate Insurer Operations: Triple-I

The Insurance Information Institute (Triple-I) has expressed its disagreement with the recent rulemaking proposal ‘The Enhancement and Standardisation of Climate-Related Disclosures for Investors’, made by the US Securities and Exchange Commission (SEC).

In a letter sent to the SEC, the Institute stated that the creation of a new layer of federal oversight would neither enhance nor standardise these disclosures.

Sean Kevelighan, CEO, Triple-I, and Dale Porfilio, Chief Insurance Officer, Triple-I wrote: ‘The US property and casualty industry supports and can play a constructive role in advancing transparency around weather- and climate-related risks.

‘Indeed, as financial first responders, insurers have a strong ethical and financial interest in facilitating the transition to a lower-carbon economy and in promoting resilience during that transition.

They added: ‘However, adding a new layer of federal oversight to the existing regulatory structure would complicate insurer operations while providing little to no benefit toward reducing greenhouse gas emissions and adapting to near-term conditions and perils.’