Federal Insurance Office
Climate-Related Financial Risk Data Collection for U.S. Homeowners
Multi-Peril Underwriting Data
New
collection (Request for a new OMB Control Number)
No
Regular
11/02/2023
Requested
Previously Approved
36 Months From Approved
240
0
48,000
0
240,000
0
On May 20, 2021, President Biden
issued the Executive Order on Climate-Related Financial Risk, Exec.
Order No. 14030 (E.O. 14030), which called on FIO to: (1) “assess
climate-related issues or gaps in the supervision and regulation of
insurers” and (2) “further assess, in consultation with States, the
potential for major disruptions of private insurance coverage in
regions of the country particularly vulnerable to climate change
impacts.” [1] This information collection is necessary for FIO to
advance its statutory mandates (including to monitor the extent to
which traditionally underserved communities and consumers,
minorities, and low- and moderate-income persons have access to
affordable insurance products, and to monitor all aspects of the
insurance industry) and to fulfill the second undertaking for FIO
under E.O. 14030.[2] Under FIO's data collection, FIO will obtain
consistent, granular, and comparable homeowners insurance data that
is not otherwise publicly available on a nationwide level. This
nationwide view is critical to understanding how climate-related
financial risks impact families and individuals across state
markets and the United States, and how these effects could impact
the broader financial system.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.