Gerry Purcell Calls on Commissioner Oxendine To Reject The Climate Survey Mandate On Georgia’s Insurers

FOR IMMEDIATE RELEASE
Thursday, February 4, 2010

Last March, the National Association of Insurance Commissioners (NAIC) adopted a “mandatory requirement” that insurance companies disclose to regulators the financial risks they face from climate change and the actions they are taking to respond to those risks.

All insurance companies with annual premiums exceeding $500 million would be required to complete and submit an Insurer Climate Risk Disclosure Survey every year, starting in 2010.

Regrettably, Georgia has only a few insurance companies with headquarters within our state, but those that are should not be subjected to mandates that are motivated by the conjecture and hysteria of the questionable “science” of climate change. Until we separate truth from hyperbole regarding climate change, we should avoid punishing Georgia’s businesses and consumers with costly regulatory requirements.

As a general rule, I question the legality and appropriateness of any federal mandate on our state insurance markets, much less a mandate coming from a non-governmental association such as the National Association of Insurance Commissioners (NAIC). The NAIC does some very good work, but they should refrain from dictating state mandates. I will vigorously oppose these types of mandates as Georgia’s Next Insurance Commissioner.

Finally, given the economic climate, on which we do have reliable data, this is no time to impose additional administrative burdens on Georgia’s companies.

I call on Commissioner Oxendine to follow Indiana’s lead and reject this unfunded mandate.

For media inquiries, please contact Rob O’Neal at (404) 428-6076 or through the campaign website at www.GerryPurcell.com.