Illinois Requires Insurers to Complete Climate Risk Disclosure Survey

Illinois Requires Insurers to Complete Climate Risk Disclosure Survey

On October 13, 2022, the Illinois Department of Insurance (DOI) issued Company Bulletin 2022-16 to notify domestic insurers of its participation in the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey.

Pursuant to the Bulletin, Illinois joins California, Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington in requiring survey participation of insurers with $100 million or more in premiums.

The deadline for the 2021 survey response is November 30, 2022. Companies that have not previously submitted a survey response via a participating state will be granted an extension to comply, which means they will begin reporting in the 2022 reporting year with a deadline of August 30, 2023.

Additional reporting information, instructions, and technical resources on the survey can be found on the NAIC’s Climate Risk and Resiliency Resource Center.

Questions regarding the DOI's Company Bulletin should be directed to DOI.InfoDesk@illinois.gov.

 

Link to Company Bulletin 2022-16

Link to NAIC Climate Risk and Resiliency Resource Center

Link to NAIC Climate Risk Disclosure FAQ Document