Bill Summary: HB 1014 - Insurance and Climate Change

• Insurance Commissioner must develop criteria by February 1, 2024, requiring all insurers operating in Connecticut to submit annual reports disclosing fossil fuel investments, climate risk exposure, and gross premium underwriting for fossil fuel industry clients.

• Each insurer must submit its first report by April 1, 2024, and annually thereafter, with the Commissioner posting all reported information on the Insurance Department's website by May 1, 2024.

• Commissioner must submit annual reports to the joint standing committee on insurance describing departmental efforts to integrate climate-related risks into insurer regulation, including risk-based capital requirements, supervisory examinations, and solvency assessments.

• Commissioner is authorized to adopt regulations to implement these reporting and disclosure requirements.

• All provisions take effect October 1, 2023.