U.S. Department of the Treasury’s Federal Insurance Office joins the Sustainable Insurance Forum (SIF)
Published here first. The United Nations (UN) convened Sustainable Insurance Forum (SIF) welcomes the U.S. Department of the Treasury’s Federal Insurance Office (FIO) as its newest member. The SIF was established by the UN with the support of the International Association of Insurance Supervisors (IAIS). It is now a global network of 31 insurance supervisors, regulators, and authorities working together to strengthen responses to sustainability and climate change challenges facing the insurance sector.
In May of this year, the U.S. Department of the Treasury announced that it has embarked on a coordinated climate policy strategy that will “bring to bear the full force of the Treasury Department on domestic and international policymaking, leveraging finance and financial risk mitigation to confront the threat of climate change.” FIO’s engagement with SIF and its global membership is an element of that strategy.
“Climate change presents new challenges and opportunities for the U.S. economy. The imposing threat of climate change to the economy demands that Treasury makes it a top priority,” Steven Seitz, Director of the Federal Insurance Office said. “The Federal Insurance Office’s work on assessing climate-related financial risk and its effects on the insurance sector is a top priority for the Treasury Department.”
SIF Chair Anna Sweeney, Executive Director – Insurance, Bank of England, stated:
‘I am delighted to welcome the Federal Insurance Office (FIO), U.S. Department of the Treasury, as the latest member of UN convened SIF. As we build towards COP26 and beyond, we are at a critical point in advancing the climate action agenda. Expanding U.S. membership of SIF is an important next step as we look to accelerate global efforts. I look forward to working with the FIO on the sustainability challenges facing the insurance sector.’
About the Sustainable Insurance Forum
Established by the UN with the support of the IAIS, the Sustainable Insurance Forum (SIF) is a global network of 31 insurance supervisors, regulators, and authorities working together to strengthen responses to sustainability and climate change challenges facing the insurance sector. Launched in December 2016, the SIF provides a platform for international collaboration among supervisors, facilitating knowledge sharing, dialogue, and uptake of policy innovations. The SIF is hosted by the UNDP.
About the US Department of the Treasury – Federal Insurance Office
FIO was established within Treasury under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. FIO has the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products, and to represent the United States on prudential aspects of international insurance matters, including at the IAIS, where FIO is a permanent member of the Executive Committee. The FIO Director is a member of the U.S. Financial Stability Oversight Council. FIO also has authority to receive and collect data and information on and from the insurance industry and insurers and analyze and disseminate data and information. In addition, FIO assists the Secretary of the Treasury with administration of the Terrorism Risk Insurance Program and advises the Secretary on important national and international insurance matters.