Enacts the climate accountability and loss recovery act

Summary

The Climate Accountability and Loss Recovery Act adds a new section to the state's insurance law that authorizes the New York attorney general to bring civil actions against big fossil‑fuel companies for costs tied to climate‑disaster insurance market disruptions, such as assessments and premium surcharges. It applies to firms with at least $500 million in market capitalization or revenue that extract, produce, or sell fossil fuels and do business in the state. The measure aims to shift the financial burden of climate‑related insurance losses from insurers and taxpayers to the companies that contribute to those risks.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share