The National Association of Insurance Commissioners (NAIC) released a white paper advocating insurance company participation in greenhouse gas credit trading to increase revenues to hedge against natural disaster claims as a result of climate change. The NAIC also calls on the federal government to adopt a nation-wide strategy to reduce emissions, similar to what RGGI and the Western Climate Initiative have done.
"The potential impacts of the white paper, penned by a group within the National Association of Insurance Commissioners (NAIC), are unclear. However, sources tracking the group’s effort say the paper could become influential as regulators and lawmakers consider future policies to address climate change, considering the size of the insurance industry. The paper—drafted by an NAIC climate change panel headed by Tim Wagner, director of Nebraska’s insurance department, and Mike Kreidler, Washington state insurance commissioner—is expected to be finalized and approved by the full NAIC board in the summer of 2008. NAIC officials are expected to further discuss the draft paper at a Dec. 4 conference in Houston."
The white paper also advocates for decreased reliance on petroleum products by increasing federal and state funding for alternative energy sources.
Carbon Control News, November 29, 2007
Submitted by B. Shapiro
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