News & Analysis as of

Financial Institutions Insurance Industry Climate Change

Mintz

Ratings Agency Announces That It Will Analyze Physical Climate Risk When Evaluating Certain Assets

Mintz on

Recently, Fitch Ratings issued a discussion paper that outlined a “contemplated framework for the analysis of physical climate risk for [Structured Finance] and [Covered Bonds] for the potential negative implications of...more

Mitchell, Williams, Selig, Gates & Woodyard,...

California Sustainable Insurance Strategy (SIS) Allows FAIR Plan Assessment Recoupment

The devastating wildfires in the Los Angeles region earlier this year have caused enormous financial strain on recovery mechanisms, such as the state insurer of last resort - the California FAIR (Fair Access to Insurance...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

Seward & Kissel LLP

The Poseidon Principles for Marine Insurance

Seward & Kissel LLP on

According to the International Maritime Organization (IMO), the shipping industry currently accounts for 2.2% of global emission of greenhouse gases (GHG), with the potential, if left unregulated, to increase 50-250% by 2050....more

McDermott Will & Schulte

Insurance Industry Expected to Play Major Role in Addressing Climate Change Following COP26

McDermott Will & Schulte on

The insurance industry was front and center before, during and after the first days of the United Nations’ (UN) climate change summit, Conference of the Parties (COP26), in Glasgow, Scotland, which concluded earlier this...more

Eversheds Sutherland (US) LLP

New York Department of Financial Services announces creation of new Climate Risk Division and issues guidance on managing the...

On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more

Latham & Watkins LLP

President Biden Presents a Roadmap for Mitigating the Climate Crisis

Latham & Watkins LLP on

A new national strategy report aims to combat climate-related risks to the US financial system. On October 14, 2021, the Biden Administration issued “A Roadmap to Build a Climate-Resilient Economy” (the Roadmap), a...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Securities and Exchange Commission Request for Public Input on Climate Change Disclosures: International Capital Market...

The International Capital Market Association (“ICMA”) submitted June 15th comments to the Securities and Exchange Commission (“SEC”) in response to a request for public input on current potential regulation of climate change...more

WilmerHale

Green Swan Conference Highlights Emerging Central Bank Consensus on Supervisory Approaches to Financial Risks Arising From Climate...

WilmerHale on

From June 2 to June 4, leading central bankers, policymakers, regulators, private sector CEOs, civil society members and academics gathered for the Green Swan 2021 Global Virtual Conference. The conference was co-hosted...more

Bradley Arant Boult Cummings LLP

New York DFS Turns Up the Heat with Climate Change Bulletin

The New York Department of Financial Services (DFS) has issued a bulletin on climate change and financial risks to the financial institutions and insurance companies it supervises regarding the impact of climate change on...more

Latham & Watkins LLP

Dear CEO: UK Banks and Insurers Should Embed Approaches to Managing Climate Change Risks by End-2021

Latham & Watkins LLP on

The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to...more

Hogan Lovells

UK: Focus on Climate Change and Green Finance

Hogan Lovells on

On 5 June 2019, the Treasury Committee launched an inquiry into the decarbonisation of the UK economy and green finance which will look at the role of the UK regulators and financial services firms in supporting the...more

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