Boston - The National Association of Insurance Commissioners (NAIC) voted unanimously at its quarterly meeting in Orlando, Fla. to establish a task force to examine the impact of climate change on the U.S. insurance industry and on insurance consumers.The task force will look at how a warming climate may affect the availability and affordability of insurance for consumers and the financial health of insurance companies. The task force will also consider actions necessary to enable state regulators and insurers to mitigate and otherwise respond to these problems.
Unlike most other industries, the insurance sector is regulated primarily at the state level. NAIC is the forum through which insurance regulators from all 50 states work together to grapple with issues facing the industry. The task force will be led by Tim Wagner, director of the Nebraska Department of Insurance, and Mike Kreidler, insurance commissioner for the State of Washington.
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