Polluter Portfolio Disclosure Act

Bill: 118-hr-4888
Sponsor: full_name: Rep. Schiff, Adam B. [D-CA-30]
Introduced: 2023-07-25
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-25
action_desc: Introduced in House
text: <p><strong>Polluter Portfolio Disclosure Act</strong></p><p>This bill requires certain insurance companies to annually disclose investments in, and insurance policies relating to, fossil fuel extraction. Specifically, insurance companies that annually collect premiums of at least $100 million must report this information to Congress, the Office of Financial Research, the Financial Stability Oversight Counsel, and the Federal Insurance Office.</p><p>The Office of Financial Research, the Financial Stability Oversight Counsel, and the Federal Insurance Office must use this information to enhance monitoring of financial risks to consumers, individual insurance companies, and the financial system.&nbsp; &nbsp;</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4888 IN THE HOUSE OF REPRESENTATIVES July 25, 2023 Mr. Schiff (for himself, Ms. Tlaib , Ms. Castor of Florida , Mr. Magaziner , Ms. Lee of California , Mr. Huffman , and Mr. Doggett ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require certain insurance companies to disclose investments and underwriting that relate to coal mining and oil and gas extraction and fossil fuel extraction, and for other purposes.

1. Short title This Act may be cited as the Polluter Portfolio Disclosure Act . 2. Required disclosure of investments (a) In general Each insurance company that, in a fiscal year, is paid, by customers, an aggregate amount in premiums that is equal to or greater than $100,000,000, shall disclose, each year, to the Congress, the Office of Financial Research, the Financial Stability Oversight Counsel, and the Federal Insurance Office— (1) a list of all investments of such insurance company that relate to coal mining, oil and gas extraction, fossil fuel extraction, and companies and infrastructure associated with each; and (2) a list of all insurance policies written by such insurance company that relate to coal mining, oil and gas extraction, fossil fuel extraction, and companies and infrastructure associated with each, including maximum exposure and direct written premium. (b) Use of disclosed information The Office of Financial Research, the Financial Stability Oversight Counsel, and the Federal Insurance Office shall use information disclosed pursuant to subsection (a) to enhance monitoring of financial risks to consumers, individual insurance companies, and the financial system. (c) Public disclosure The Federal Insurance Office shall, each year, publish a searchable document that contains the information disclosed by insurance companies in the previous 1-year period pursuant to subsection (a). (d) Insurance company defined In this section, the term insurance company means any entity and subsidiary of such entity that the Federal Insurance Office has authority over as described in section 313 of title 31, United States Code.