In a win for PIA, consumers, and supporters of the state insurance regulatory system, the Federal Insurance Office (FIO) announced that it was abandoning its unprecedented effort to collect data on climate-related risks from property and casualty insurance carriers on behalf of the federal government. Instead, the National Association of Insurance Commissioners (NAIC) will now …
Tag: Treasury Department
PIA Reiterates Objections to FIO Climate Data Call
Last month, the Federal Insurance Office (FIO) of the Treasury Department issued a Notice of Information Collection and Request for Comment (NIC/RFC) on its planned data collection of climate-related financial risk information associated with U.S. homeowners’ insurance underwriting. In its latest regulatory action, the FIO sought the approval of the Office of Management and Budget …
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PIA Joins Letter in Support of the Protecting Small Business Information Act
This week PIA, along with a coalition of small business stakeholders, sent a letter to Congress in support of Rep. Patrick McHenry’s (R-NC) Protecting Small Business Information Act. This legislation would delay reporting requirements under the Corporate Transparency Act (CTA), which is set to go into effect on January 1, 2024, until there is a …
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FIO Climate Report: NAIC, State Insurance Depts Must Address Climate Risk
A report issued yesterday by the Federal Insurance Office (FIO) has concluded that state insurance regulators should more aggressively address climate-related risks. The FIO, which is housed within the Treasury Department, produced the report in response to an Executive Order (EO) on Climate-Related Financial Risk, which was issued by the Biden administration in early 2021. …
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PIA Asks Senate to Reject ENABLERS
Recently, PIA joined a coalition of trade associations in a letter to Senate Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) expressing our opposition to the Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act, which passed the House as part of this year’s National Defense Authorization Act …