On March 25, 2021, the New York State Department of Financial Services (DFS) issued detailed proposed guidance (the “Proposed Guidance”) addressing how New York insurers should analyze and manage the financial risks of climate change. The DFS is seeking comment by June 23, 2021 on the Proposed Guidance, which it expects to serve as a basis for supervisory dialogue and to help insurers familiarize themselves with climate risks and develop their capacity and processes for managing them.
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