NJ| In Bulletin No. 25-05 from the New Jersey Department of Banking and Insurance outlines requirements for insurers regarding the 2024 Climate Risk Disclosure Survey. All insurers licensed in New Jersey with over $100 million in nationwide direct written premiums during 2024 must complete the Task Force on Climate-related Financial Disclosure (TCFD)-aligned NAIC Climate Risk Disclosure Survey. The survey aims to enhance transparency and align with international best practices in climate risk reporting. Responses are due by August 29, 2025, and may be submitted as group responses if policies and practices are uniform.
Key Points:
- Insurers must use the TCFD-aligned NAIC Climate Risk Disclosure Survey for reporting climate-related risks and opportunities for the 2024 reporting year.
- Companies with more than $100 million in nationwide direct written premiums must submit responses, with the option for group submissions if applicable.
- Survey responses are due August 29, 2025, and will be made publicly available, with additional resources and guidance provided through the California Department of Insurance and NAIC webinars.