DFS Finalizes Guidance For Carriers On Climate Change Risks
The New York State Department of Financial Services (DFS) this week issued final guidance to licensed domestic insurers on how they should manage the financial risks presented by climate change. The document culminated a months-long process that started with proposed guidance on which 45 parties provided detailed comments.Acting Superintendent of Financial Services Adrienne A. Harris said that DFS intends the guidance to "support insurers’ efforts to manage the financial risks from climate change, bolstering the safety and soundness of the industry and the protection of consumers. " According to the document, DFS expects all New York insurers to start integrating consideration of climate change's financial risks…