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The plan would allow insurers to direct more than £100 billion in investment into infrastructure and green energy, according to the Association of British Insurers.

General guidelines of the proposal state that underwriting data should be reported for all of the 41,000-plus U.S. ZIP codes in which an insurer writes business.

The Federal Insurance Office wants public input on how to monitor and assess the insurance industry's financial risks tied to climate change.

The FIO has continuously tried to increase its duties and expand the role of the federal government in insurance.

Steven Seitz's promotion from acting director was effective this past week.

It is unclear what led to his departure; he became director in June after a long vetting process.

The formation of the FIO can only be described as a temporary lapse in judgement in the aftermath of the Great Recession.

Ironically, the new federal office would be created by a provision included in the CHOICE Act legislation intended to reduce, not increase, federal encroachment resulting from the Dodd-Frank Act.