All Domestic Insurers: Company Bulletin 2022-16 - Climate Risk Disclosure Survey

Springfield Office 320 W. Washington Street Springfield, Illinois 62767 (217) 782-4515 Chicago Office 122 S. Michigan Ave., 19th Floor Chicago, Illinois 60603 (312) 814-2420 Illinois Department of Insurance JB PRITZKER Governor DANA POPISH SEVERINGHAUS Director TO: All Domestic Insurers FROM: Dana Popish Severinghaus, Director DATE: October 13, 2022 RE: Company Bulletin 2022-16 – Climate Risk Disclosure Survey The Illinois Department of Insurance (IDOI) will participate in the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey. The NAIC recently adopted a new standard for insurance companies to report climate risk disclosures that aligns with the international Task Force on Climate-Related Financial Disclosures (TCFD) survey. 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. Companies that have previously submitted a response through a different participating state should have received a notice from that state in July. This Company Bulletin does not change any deadlines for those companies. Additional reporting information, instructions and technical resources on the surveys can be found on the NAIC’s Climate Task Force webpage (here), including a presentation by the United Nations on how to produce a TCFD report. Questions regarding this Company Bulletin should be directed to DOI.InfoDesk@illinois.gov.