Cassidy, Thune, Scott, Colleagues Fight Back Against Radical Environmental Agenda
"Across the nation, insurers work day in and day out to provide reliable coverage to the public to ensure they are protected when adverse weather events strike or accidents occur," wrote the senators. "And, to be clear, it is in insurers' best interest to take into account these various risks - whether it be weather risks or otherwise - that could affect their customers and integrity of their policies. Therefore, it is concerning that the Biden administration is ignoring steps insurers and state insurance regulators are already taking and instead utilizing the FIO to continue pushing ESG policies as part of its unrealistic environmental agenda."
Cassidy, Thune, and Scott were joined by
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Dear Secretary Yellen:
In March, the
Though this was disappointing, it was not surprising given the persistence of the Biden administration in adopting environmental, social, and governance (ESG) policies as part of its effort to force its unrealistic environmental agenda onto the American public. And while there are countless examples of irresponsible and misguided efforts to adopt ESG through various federal rules, regulations, and guidance, we write today to highlight our concerns with recent climate-related actions taken by the
As you know, the FIO was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), and it is tasked with monitoring the insurance industry. In
Across the nation, insurers work day in and day out to provide reliable coverage to the public to ensure they are protected when adverse weather events strike or accidents occur. And, to be clear, it is in insurers' best interest to take into account these various risks - whether it be weather risks or otherwise - that could affect their customers and integrity of their policies. Therefore, it is concerning that the Biden administration is ignoring steps insurers and state insurance regulators are already taking and instead utilizing the FIO to continue pushing ESG policies as part of its unrealistic environmental agenda.
Insurance is regulated at the state level and has been over 150 years. And though the FIO's actions to date do not enact formal rules or regulations, they do place pressure on state insurance regulators and insurers themselves. We are concerned that this may ultimately result in state insurance regulators and insurers feeling coerced into adopting one-size-fits-all climate-risk mitigation policies rather than building on existing efforts to mitigate risks and manage policyholders' exposure to changing weather patterns as deemed appropriate by the insurers and state insurance regulators on the ground, which has served the industry and public well.
State insurance regulators and the
We are not in any way writing to suggest that insurers and their state insurance regulators should not be conscientious of changing weather patterns and the industry's exposure to such. However, it is vitally important that the FIO and the entire Biden administration understand that efforts strong arming insurers and state insurance regulators into potentially adopting certain ESG strategies, all in the name of climate-risk mitigation, would have real-world impacts. These impacts would come in the form of higher compliance costs on insurers and higher premiums on Americans, all while families and businesses across our nation continue to deal with a persistent inflation crisis.
As you continue your work, it is of utmost importance that the FIO resist pressures to insert ESG policies into the heart of its work and pressure insurers and state insurance regulators into adopting tenets of the Biden administration's unrealistic environmental agenda. Instead, we hope that the FIO will recognize that insurers and state insurance regulators are best positioned to make determinations about what risk mitigation strategies (environmental or otherwise) to implement, as they have responsibly done up to this point.
Thank you for your attention to our concerns, and we hope that you will be receptive.
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Original text here: https://www.cassidy.senate.gov/newsroom/press-releases/cassidy-thune-scott-colleagues-fight-back-against-radical-environmental-agenda
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