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Senate defers climate-friendly insurers bill after insurance-division warning of market disruption
Summary
SB 2452, a bill aiming to restrict insurers' investments tied to climate impacts, was deferred after the Insurance Division warned it could shrink the authorized insurance market and raise consumer premiums.
The Senate joint committee deferred SB 2452, a bill addressing climate-related investing by insurers, after the Insurance Division signaled substantial concerns about market impacts.
Matt Sujima, speaking for the Insurance Division, said the division "respectfully opposes SB 2452" and voiced concern the bill would have "significant ramifications upon the authorized insurance market," possibly leaving consumers to rely on surplus and excess carriers that are not subject to comparable regulations. Sujima warned such a shift "would potentially have a very significant impact on cost of insurance in the state." Senators questioned whether the bill would cause more disruption than letting existing market trends continue; Sujima said his reading of the bill suggests it could accelerate insurers leaving the authorized market.
Committee leadership agreed the measure warranted further conversation and deferred it for additional review, with the committee noting the subject is worthy of more discussion before any recommendation.
Next steps: SB 2452 will return for further committee consideration; the Insurance Division and stakeholders are expected to participate in follow-up conversations.
