Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-related Financial Disclosures

As a follow-up to the 2018 Issues Paper, and recognising the important role of the TCFD Recommendations in establishing a framework for climate-related disclosures for the insurance sector, the SIF and IAIS agreed to develop this second Issues Paper. This paper provides an overview of practices that supervisors have considered in the development of climate-related disclosure requirements within their markets. Considering the diversity of supervisory frameworks across jurisdictions, this paper focuses on practices that can be implemented with limited direct regulatory intervention. In the convention of IAIS Issues Papers, this document is primarily meant to be descriptive and is not intended to create supervisory expectations. However, the speed at which supervisory practices relating to climate risk are evolving, both within individual jurisdictions and through collective activities of supervisors, reflects the need to consider responses at the global level. In this context, the SIF and IAIS recognise the value of developing further materials to support supervisors in their efforts to assess climate risks, including in relation to the ICPs. This paper is a step towards this objective, and is intended to lay the groundwork for the development of future work, such as an IAIS Application Paper.