Insurance carriers in California and two other principally democratic states are being required to report to the Departments not only about how their operations are affecting climate change, but also the impact that climate change could have on their operations. Sometimes the real news out of this Department is just too ludicrous to report with a straight face. This is one of those times.
The survey by the California Department of Insurance (CDI) is being conducted in conjunction with the New York Department of Financial Services and the Washington State Office of the Insurance Commissioner.
Major insurer trade associations’ executives must be laughing in their three olive martinis and trying to figure out how to answer with dignity and aplomb. Some have even written letters expressing their — aah— concern.
Major insurer trade associations’ executives must be laughing in their three olive martinis and trying to figure out how to answer with dignity and aplomb.
Apparently California Democrat Insurance Commissioner Dave Jones along with his union oriented brothers and sisters in New York and Washington haven’t heard that the science behind global warming has been, well pretty much trashed. There were, you’ll remember, all of those scandals about the science being misrepresented, facts being both made up and left out, and all that “the ideology is more important that the facts or even our integrity” stuff the rest of us read about.
Of course Jones has an excuse for being unaware of all this with the focus he is putting on driving away the state’s heath insurers so he can better guide the implementation of Obamacare and all.
CDI is requiring carriers that wrote at least $300 million in premium last year across all lines to respond to the questionnaire, except those insurers in groups required to report to either Washington or New York state. Smaller insurers can also respond, but doing so would be on a voluntary basis.
The eight-question survey was originally developed a few years ago by the National Association of Insurance Commissioners (NAIC) and seeks information about the financial risks associated with climate change to the carriers, their insureds and their investors. But unlike the original NAIC survey, the three states are proposing to make public the answers that carriers provide.
Next we expect the Department to make inquiries as regards carrier preparation for the coming zombie apocalypse or even the invasion of the body snatchers. Those interested in learning how to deal with the coming Zombie Apocalypse can do so here: Zombie Preparedness DVD $35.
Next we expect the Department to make inquiries as regards carrier preparation for the coming zombie apocalypse or even the invasion of the body snatchers.
In a letter to the president of the NAIC, both the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America say the issue is violating the process and spirit of “interstate comity and collegiality” that is the underpinning of the state-based regulatory framework. “The use of nationwide group premium writings as justification for a “licensed” state to impose its regulatory authority on the domestics of other states undermines the comity and interdependence among the states that is the cornerstone of the NAIC accreditation program,” the associations note in a letter to NAIC President Kevin McCarty.
Violating “the spirit of interstate comity” is one thing. But for Commissioner Dave Jones and his comrades to use their regulatory authority to violate factual reality for reasons of keeping their leftie constituencies at bay is quite another.
But for Commissioner Dave Jones and his comrades to use their regulatory authority to violate factual reality for reasons of keeping their leftie constituencies at bay is quite another.
CDI says it will be posting the responses to the questionnaire on a public website for all to see. By this they force those they regulate to give credibility to false science and to pay intellectual fealty to the left.
Of course carriers brought this false science on themselves considering the falsehoods and half-truths stuffed into the recent 37% workers’ comp rate increase they called a decrease. What goes around apparently really does come around.
The eight question survey delves into a number of issues related to climate change. In addition to the carriers’ internal response to the climate change issue, they are also being asked how climate change may impact their financial well being as well as the potential impact on its customers.
“Has the insurer considered creative methods of risk distribution such as contingency plans to reduce financial leverage and resolve any liquidity issues in the event of a sudden loss in surplus and cash outflows as a result of a catastrophic event?,” the survey asks. It also raises questions about the potential impact on its investment portfolio and the steps it is taking to encourage policyholders to minimize their risk of loss from climate change-influenced events.
Apparently Commissioner Dave Jones is unaware that hot balls of fire could be considered an act of God although one might wonder if this kind of Democrat can even consider that choice.
Click here for a copy of the climate-change survey questionnaire.