Insurer Climate Risk Disclosure Survey - 2011
DATE: March 2, 2012
TO: Licensed Insurers in the State of New York
RE: Insurer Climate Risk Survey for Reporting Year 2011
In cooperation with the California Department of Insurance and the Washington State Office of the Insurance Commissioner, the New York State Department of Financial Services (“DFS”) is implementing a Climate Risk Survey for Reporting Year 2011. The questions contained in the survey were adopted by the National Association of Insurance Commissioners in March 2009 and March 2010. Survey responses will be made available to the public through the following link: http://www.insurance.ca.gov/0250-insurers/0300-insurers/0100-applications/financial-filing-notices-forms/annualnotices/ClimateSurvey.cfm.
Pursuant to Section 308(a) of the New York Insurance Law, insurers licensed in New York and which have collected direct written premium amounts of more than $300 million in 2011 must submit survey responses on behalf of their company or group. Insurers within groups to whom this notice is addressed must answer the survey, but may submit a uniform response. All other insurers may provide answers on a voluntary basis.
The survey and instructions for completion may be found at the DFS’s climate survey page: http://www.dfs.ny.gov/insurance/insurers/climate_survey.htm. Narrative responses to the survey are acceptable. Where an insurer’s response to other disclosure mechanisms, such as the Carbon Disclosure Project or Global Reporting Initiative, explicitly addresses the subject matter of a question in this survey, the insurer may reference and attach its most recent response to that external mechanism in lieu of providing a duplicative response.
Please answer all questions in good faith and with meaningful responses. However, there is no requirement to provide information that is immaterial to an assessment of financial soundness (insurers may choose to disclose such information voluntarily, with no implication that such information is in fact material).
Insurers need not provide quantitative information, information that they in good faith believe is commercially sensitive or proprietary, or forward-looking information. If an insurer chooses to provide forward-looking information, the insurer may disclaim any responsibility for the accuracy of such forward-looking information.
The completed survey is due May 7, 2012. Please submit responses to DFS via the following link at Online Assistance System for Insurer Submittal (OASIS): https://interactive.web.insurance.ca.gov/OASIS/front. Responses also may be emailed to ClimateSurvey@dfs.ny.gov.
Please feel free to contact Joseph Fritsch, Deputy Superintendent, at (212) 480-7197 with any questions.
Benjamin M. Lawsky
Superintendent of Financial Services
New York State Department of Financial Services