The Biden administration’s aggressive climate change agenda has reached a new level of overreach with the Federal Insurance Office’s (FIO) recent actions to collect climate-related data from property and casualty insurers.
Led by Chairman Warren Davidson, R-Ohio, every Republican member of the House and Insurance Subcommittee is investigating the FIO’s actions, which they argue exceed the agency’s authority and undermine the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
While the FIO has the authority to collect certain data, it is limited to traditional regulation and mandates consultation with state insurance regulators.
By sidestepping this requirement, the FIO is overstepping state regulators to collect climate data, a dangerous precedent that could ultimately undermine Congress’s intent under the Dodd-Frank consumer protection law.
The Biden administration’s climate agenda is full of alarmism and activism that is ignoring state-based regulation of insurance.
The FIO’s recent actions are an example of the administration’s disregard for the limits of its authority and the rights of states to regulate their insurance markets.
Instead of working with state insurance regulators, the Biden administration is forcing its climate agenda on insurance companies, a move that is likely to produce fallacious results in trying to identify climate risk.
Republicans in Congress will continue to hold the administration accountable for its overreach and disregard for state-based regulation of insurance.