Illinois to Take part within the Local weather Danger Disclosure Survey
On October 13, 2022, the Illinois Division of Insurance coverage (the “Division”) issued Firm Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all home insurers and advises that the Division will now take part within the Nationwide Affiliation of Insurance coverage Commissioners Local weather Danger Disclosure Survey (the “Survey”).
The aim of the Survey is to advertise transparency relating to how insurers handle climate-related dangers. Insurers with written premium of at the least $100 million are required to take part. The deadline to submit the Survey is November 30, 2022 for corporations which have beforehand participated within the Survey in a distinct state. For these corporations who haven’t participated, the subsequent submission is due August 20, 2023, which covers the 2022 reporting yr.
Illinois now joins California, Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont and Washing in requiring participation within the Survey.
The Bulletin could be accessed here.
