Date: June 6, 2008
For more information contact: Mikaela Reck, Public Information Officer, (608) 267-9336 or mikaela.reck@wisconsin.gov

National Association of Insurance Commissioners
adopts climate change white paper

Madison, WI—The National Association of Insurance Commissioners (NAIC) voted to adopt a white paper outlining the "Potential Impact of Climate Change on Insurance Regulation."

"Global warming represents a significant challenge for this country, and the insurance industry is not immune from its impact," said Sean Dilweg, Wisconsin Insurance Commissioner and Chair of the NAIC Climate Change and Global Warming Task Force. "The white paper is the first step towards addressing climate change and how it may affect the insurance industry."

The white paper summarizes the implications and opportunities climate change will bring to the industry. It also breaks down the challenges each line of insurance will face, including property and casualty, life and health insurers. The white paper closes with a discussion on the government's and NAIC's role in mitigating the effects of global warming and climate change, which includes some level of disclosure.

The disclosure proposal will serve as the next step in dealing with climate change and its impact on the insurance industry. The disclosure proposal will be available for comment until June 30, 2008, on the NAIC's Web site. The task force will work to facilitate the initial disclosure in 2009 with refinement in future years as needed.

For more information on the white paper, visit the NAIC's Web site at www.naic.org.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.