Banks, Insurers Told To Boost Climate Change Transparency

Law360, London (April 15, 2019, 4:25 PM BST) -- Britain’s banks and insurers should consider whether to disclose more information about climate change risk than they are required to by domestic and European legislation, the Prudential Regulation Authority said on Monday.

The PRA called on companies to consider going further than the demands in Solvency II and the Capital Requirements Regulation, two key pieces of European legislation, and the U.K. Companies Act, when it comes to revealing information about how they manage the financial risk of climate change. Solvency II requires insurers to hold capital to protect themselves during a crisis. The CRR makes similar demands of banks.

The regulatory and...

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