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Federal Register / Vol. 86, No. 166 / Tuesday, August 31, 2021 / Notices
Climate-Related Data and FIOs Data Collection and Data Dissemination Authorities 3. What specific types of data are needed to measure and effectively assess the insurance sectors exposures to climate-related financial risks? If data is not currently available, what are the key challenges in the collection of such climate-related data? In your response, please provide your views on the quality, consistency, comparability, granularity, and reliability of the available or needed data and associated data sources.
4. What are the key factors for the insurance sector in developing standardized, comparable, and consistent climate-related financial risk disclosures? In your response, please discuss whether a global approach for disclosure standards needs to be adopted domestically for insurers.
Please also address the advantages and disadvantages of current proposals to standardize such disclosures, such as those set forth by the Task Force on Climate-Related Financial Disclosures or the NAICs Insurer Climate Risk Disclosure Data Survey.
5. Please provide your views on how FIOs data collection and dissemination authorities should be used by FIO to research, monitor, assess, and publicize climate-related financial risk and other areas of the insurance markets that are affected by climate change.
6. What are the likely advantages and disadvantages of a verified, open-source, centralized database for climate-related information on the insurance sector?
Please include in your response the types of information, if any, that may be most useful to disseminate through such a database and the key elements in the development and design of such a database.

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Insurance Supervision and Regulation 7. How should FIO identify and assess climate-related issues or gaps in the supervision and regulation of insurers, including their potential impact on financial stability? In your response, please address insurance supervision and regulations concerning: a Prudential concerns, b market conduct regarding insurance products and services, and c consumer protection. In addition, please discuss how FIO
should assess the effectiveness of U.S.
state insurance regulatory and supervisory policies in addressing and managing the climate-related financial risks with regard to the threat they may pose to U.S financial stability, including identifying 1 the major channels through which climate-related physical,
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transition, and/or liability risks may impact the stability of the U.S.
insurance market, and 2 the degree to which insurers business models could be affected by each category of risk and the relevant time horizons for such effects.
8. Please identify the key structural issues that could inhibit the ability of insurance supervisors to assess and manage climate-related financial risk in the insurance sector e.g., accounting frameworks, other standards. What barriers could inhibit the integration of climate-related financial risks into insurance regulation?
9. What approaches used by other jurisdictions or multi-national organizations should FIO evaluate that would help inform it about existing supervisory and regulatory issues and gaps concerning climate-related financial risks? Please describe these approaches, including their advantages and disadvantages, as well as available data sources on these approaches.
Insurance Markets and Mitigation/
Resilience 10. What factors should FIO consider when identifying and assessing the potential for major disruptions of insurance coverage in U.S. markets that are particularly vulnerable to climate change impacts?
11. What markets are currently facing major disruptions due to climate change impacts? What markets are likely to be at risk for major disruptions due to climate change impacts in the future?
When discussing markets at risk for future disruption, please estimate the likely time horizons e.g., 5, 10, 20, or more years when these disruptions may occur.
12. Climate change is currently exacerbating economic losses caused by weather-related disasters and is projected to cause further damage in the future. Please provide information on the actions that insurers have taken in response to the threat of increased economic losses from climate-related disasters, including how insurers are incorporating mitigation and resilience considerations into their business operations, as well as what other strategies or solutions that insurers or U.S. regulators may want to explore that would help insurers mitigate the impact of climate change and build resilience.
13. To what extent, if any, are models whether internal proprietary models, open-source models, or third-party vendor models used in the underwriting process to consider the impact of climate change? How do these models affect pricing of insurance products and business decisions e.g.,
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level of catastrophe exposure, utilization of reinsurance? What are the best practices for model validation?
14. How should FIO assess the availability and affordability of insurance coverage in U.S. markets that are particularly vulnerable to climate change impacts? In your response, please discuss how to balance maintaining insurer solvency with the need to address the availability and affordability of insurance products responsive to perils associated with climate-related risks, particularly for traditionally underserved communities and consumers, minorities, and lowand moderate-income persons.
15. In what areas have public-private partnerships or collaborations among state or local governments been effective in developing responses to climate change that may be taken by the insurance sector or insurance regulators? How can FIO evaluate the potential long-term or permanent effects on the insurance sector of such publicprivate partnerships or state and local collaborations to address climate-related risks? How should FIO consider state insurance regulatory efforts on consumer education related to climate risks?
Insurance Sector Engagement 16. Please provide your views on additional ways that FIO should engage with the insurance sector on climaterelated issues.
17. How should FIO assess the efforts of insurers, through their underwriting activities, investment holdings, and business operations to meet the United States climate goals, including reaching net-zero emissions by 2050? For example, what steps should the insurance sector be taking to help improve transparency, comparability, and assessment of Scope 1, Scope 2, and, to the extent possible, Scope 3
GHG activities?
18. What role or actions might states take to encourage the insurance sectors transition to a low emissions environment and an adaptive and resilient economy? In your response, please discuss whether efforts by states to encourage the development of new insurance products, to promote sustainable investment and underwriting activities, and to address protection gaps created by climaterelated financial risks might facilitate this transition.
General 19. Please provide any additional comments or information on other issues or topics that may be relevant to
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