Federal Insurance Office report on insurance regulation and climate financial risk

Not later than 1 year after the date of enactment of this Act, the Federal Insurance Office shall publish a report, which may be submitted along with the report described in section 6, that— (1) assesses the potential impact of climate financial risk on the insurance sector in the United States; (2) provides an update on the implementation of recommendations made by the 2023 report of the Federal Insurance Office titled Insurance Supervision and Regulation of Climate-Related Risks; and (3) recommends ways to modernize and improve regulation and supervision of climate financial risk by the insurance sector in the United States.