Connecticut General Statutes 38a-23 – Biennual report by commissioner re climate-related risks and climate change
(a) Not later than April 1, 2022, and biennially thereafter until April 1, 2032, the Insurance Commissioner shall submit a report, in accordance with § 11-4a, to the joint standing committee of the General Assembly having cognizance of matters relating to insurance. The report shall disclose, for the preceding two calendar years, the Insurance Department’s:
Terms Used In Connecticut General Statutes 38a-23
- Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
- Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1
(1) Progress toward:
(A) Addressing climate-related risks, including, but not limited to, the department’s progress toward integrating such risks into:
(i) Risk-based capital requirements;
(ii) Regular supervisory examinations; and
(iii) Own risk and solvency assessments; and
(B) Incorporating the reduced levels of emissions of greenhouse gas established in § 22a-200a into the department’s regulatory and supervisory actions by, among other things, addressing the impacts of thermal coal, tar sands and Arctic oil and gas; and
(2) Regulatory and supervisory actions to bolster the resilience of insurers to the physical impacts of climate change.
(b) The commissioner may engage the services of third-party actuaries, professionals and specialists that the commissioner deems necessary to assist the commissioner in fulfilling the requirements of this section.