b'Insurance Regulatory | US/NAIC Insurance Industry Regulators Address Climate RiskIn 2020, the topic of climate change and insurance industry resiliency continued to be a subject of conversation amongst insurance regulators. While the US remains behind its international counterparts in terms of climate-related supervision, 2020 saw advancements in the international and US regulatory arenas as it relates to climate-related insurance supervision. Notably, the International Association of Insurance Supervisors (IAIS) and other international regulatory organizations were active with various climate related initia-tives, the NAIC began to consider modifying the NAIC Climate Risk Disclosure Survey (NAIC Disclosure Survey) and the New York Department of Financial Services (NYDFS) issued guidance regarding its expectations of insurers with regard to incorporating climate change risk into their governance, enterprise risk management and business strategies.International InitiativesClimate risk and sustainability have been established as a key theme of the IAIS Strategic for 2020-2024. Included in this strategy is its partnership with the United Nations Environmental Programmes Sustainable Insurance Forum. The IAIS is one of the first global standard-setting bodies to adopt an environmental policy aimed at guiding its own perfor-mance on environmental issues, and on December 2, 2020, the IAIS published a policy that set out clear objectives and metrics by which to measure progress in the reduction of the IAIS carbon footprint. Additionally, at the 2020 IAIS Annual Conference, the IAIS convened a panel regarding Embedding Climate Risk Management in the Insurance Sector, focusing on corporate gover-nance, risk management and disclosure issues emanating from climate risk. Each of these issues are also addressed in the IAIS Draft Application Paper on the Supervision of Climate-Related Risks in the Insurance Sector (the Application Paper). The Application Paper was developed jointly with the Sustainable Insurance Forum (SIF), a leadership group of insurance supervi-sors convened by the United Nations Environment Programme, and was developed to support insurance supervisors in their efforts to incorporate climate-related risks into their supervisory frameworks. The Application Paper offers background and guidance on how the IAIS supervi-sory material can be used to manage the challenges and opportunities arising from climate-related risks, and is intended to promote a consistent global approach to address climate-related risks in the regulatory supervision of the insurance industry. The key topics and Insurance Core Principles (ICP) addressed in the Application Paper are ICP 7 (corporate governance), ICP 8 (risk management and internal controls), ICP 9 (supervisory review and reporting), ICP 15 (investments), ICP 16 (enterprise risk management for solvency purposes) and MAYER BROWN 75'