A panel of state insurance commissioners has voted to adopt a controversial white paper that establishes what one key regulator characterized as a "baseline" for spurring and monitoring insurance industry and regulatory action on climate change issues.
Insurance trade groups–which at previous sessions of the National Association of Insurance Commissioners blasted the project as unwarranted, intrusive and the groundwork for a legal fiasco–were largely silent as the NAIC accepted a paper on May 31 that included changes the groups objected to at a session the previous day.
While property-casualty carriers are upset over the document, a life insurance group said it was happy with how regulators modified plans to ask climate change questions in a proposed supplement to the Annual Statement required of insurers.
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