SB 1047 Summary

• Commissioner of Insurance shall develop criteria by January 1, 2022, requiring all insurers doing business in Connecticut to submit annual reports disclosing fossil fuel investments, climate risk exposure, and gross premium underwriting related to the fossil fuel industry.

• Insurers must submit their first report by March 1, 2022, and annually thereafter, with the Commissioner posting all reported information on the Insurance Department's website by April 1 of each year.

• Commissioner shall submit annual reports to the joint standing committee on insurance beginning April 1, 2022, describing efforts to integrate climate-related risks into insurer regulation and supervision, including risk-based capital requirements, supervisory examinations, and own risk assessments.

• Commissioner shall report on regulatory and supervisory actions taken to align insurer investment and underwriting activities with the Paris Agreement goal of limiting global temperature increase to 1.5 degrees Celsius above preindustrial levels and to bolster insurer resilience to climate change impacts.

• All provisions become effective October 1, 2021.