RE: Oppose Unless Amended - SB488 (Bradford)

A letter from the Center for International Environmental Law and other organizations opposing an amendment to California Senate Bill 488 (SB 488). The authors argue that Section 7 of the bill would restrict the Insurance Commissioner's authority to request data from insurance companies, thereby undermining the state's ability to monitor climate-related financial risks and ensure market stability.

• The undersigned organizations oppose Section 7 of SB 488 because it restricts the Insurance Commissioner's ability to use data calls and surveys to oversee how insurers manage climate risks and monitor the financial stability of insurance markets.
• The California Department of Insurance regulates a significant market, overseeing companies that collect $289 billion annually in premiums and hold approximately $7 trillion in investments.
• Climate change creates material financial risks for businesses, particularly in the energy and fossil fuel sectors, through transition risks (such as decreased demand due to low-carbon regulations), legal risks from litigation, and physical risks to infrastructure.
• The proposed amendment to Section 12962.5 of the Insurance Code would limit data calls to activity within California, which the authors argue would make the tool ineffective since most major insurance carriers are headquartered outside the state.
• The restriction would end existing climate initiatives led by Commissioner Dave Jones, including the Climate Risk Carbon Initiative, which requires companies with over $100 million in California coverage to disclose investments in utilities, coal, gas, and oil.

APA

Center for International Environmental Law (2017). RE: Oppose Unless Amended - SB488 (Bradford). https://www.ciel.org/wp-content/uploads/2017/08/Letter-to-Oppose-Unless-Amended-SB488-Bradford.pdf

Chicago

Center for International Environmental Law. RE: Oppose Unless Amended - SB488 (Bradford). 2017. https://www.ciel.org/wp-content/uploads/2017/08/Letter-to-Oppose-Unless-Amended-SB488-Bradford.pdf.

Wikipedia

{{cite press release |author=Center for International Environmental Law |title=RE: Oppose Unless Amended - SB488 (Bradford) |date=22 August 2017 |url=https://www.ciel.org/wp-content/uploads/2017/08/Letter-to-Oppose-Unless-Amended-SB488-Bradford.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{centerforinternationalenvironmentallaw2017oppose, author = {{Center for International Environmental Law}}, title = {{RE: Oppose Unless Amended - SB488 (Bradford)}}, publisher = {Center for International Environmental Law}, year = {2017}, month = aug, url = {https://www.ciel.org/wp-content/uploads/2017/08/Letter-to-Oppose-Unless-Amended-SB488-Bradford.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }