The Department of Treasury’s Federal Insurance Office finalized its proposed Climate-Related Financial Risk Data Collection.

The FIO in June released a report analyzing climate-related issues and gaps in U.S. insurance supervision and regulation, calling state regulatory efforts fragmented and limited.

The office concluded there are “nascent and important efforts to incorporate climate-related risks into state insurance regulation and supervision.” It gave credit to the National Association of Insurance Commissioners, but it encouraged “state insurance regulators to build on their progress.”

The finalized proposal now goes to the Office of Management and Budget for review

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