Sentos News

Republican members of the House and Insurance Subcommittee are investigating the Federal Insurance Office (FIO) for collecting climate-related data from property and casualty insurers. In a letter to FIO Director Steven Seitz, the lawmakers argued that such actions were outside the agency's remit and should be limited to state insurance regulators. The Dodd-Frank Act of 2010 authorized the FIO to collect certain data, but it also limits such actions to traditional regulation and mandates consultation with state insurance regulators. The FIO's recent actions deviate from the "letter and spirit of Dodd-Frank," according to the letter. The FIO had released a request for information in August 2021 and issued a proposed data collection in October, which would require 213 insurance companies to share data from every US zip code. The insurance industry and the National Association of Insurance Commissioners (NAIC) criticized the FIO's action, stating that it was unclear how the data would be used and how it would be married with other information to illustrate climate risk specifically.

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