The Colorado Department of Regulatory Agencies released a Bulletin addressing their adoption of a new regulation 3-1-18, and the revision of Bulletin B-4.31.
Regulation 3-1-18 requires that insurers participate in and complete the National Association of Insurance Commissioners (NAIC) Insurer Climate Risk Disclosure Survey, and applies to all insurers with authority to transact business in the state that report more than 100 million dollars on their annual NAIC Schedule T Filings. The regulation will become effective on December 30, 2023.
The Climate Risk Disclosure Survey is a risk management tool requesting the disclosure of an insurer's assessment and management of their climate-related risks. Starting August 31, 2024, insurers will be required to submit a completed survey to the Insurance Department on a yearly basis. Insurers who fail to do so will be subject to penalties.
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