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Climate Change: Managing Associated Legal and Regulatory Risks in the Insurance Industry

Level: Intermediate
Runtime: 61 minutes
Recorded Date: March 09, 2022
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  • Overview of Environmental Impact Considerations
  • Depper Dive on COmpany Policy Related to Environmental Impact
  • Climate Guidance
  • DFS Approach
  • Materiality
  • Time Horizon
  • Data Quality and Availability
  • Key Elements
  • Governance Structure
  • Business Consideration
  • Risk Management Framework
Runtime: 1 hour
Recorded: March 9, 2022

For NY - For both newly-admitted and experienced attorneys (transitional)


Insurers and financial regulators are coping with the legal impact of climate change and the increasing risk it presents for companies' financials. The ever-increasing regularity and gravity of extreme weather-related events have resulted in greater regulatory focus on climate-related risks for the insurance industry. Learn more about the complex legal challenges that the insurance industry faces from the evolving public policy environment and enhanced regulatory focus on climate change. Challenges include the potential for expanded liability for environmental risks through legislation and court decisions, an increased threat of third-party litigation and growing regulatory risk.

This program was recorded on March 9th, 2022.

Provided By

American Bar Association
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Thomas Bartell

Senior Vice President & Deputy General Counsel
Hardtord Financial Services Group, Inc.

Thomas is the Senior Vice President & Deputy General Counsel specializing in Government Affairs, Interional Law, and Tax Law at Hartford Financial Services Group, Inc.

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Maria Filipakis

Managing Partner
Topside Group LLC

Maria Filipakis was the first Executive Deputy Superintendent of the Capital Markets Division at the New York State Department of Financial Services. In that role, she managed a staff of lawyers, risk and investment specialists, and examiners providing advice and expertise in enterprise risk management, financial analysis, anti-money laundering controls, and cybersecurity for over 3,000 financial institutions.

Maria led the agency’s cybersecurity initiatives, from conducting industry-wide cybersecurity surveys and assessments, to revising the cyber examinations, to enhancing DFS’ examination team, and to ultimately drafting the regulation (Part 500). Maria served on Governor Cuomo’s Cyber Security Advisory Board, the Conference of State Bank Supervisors Emerging Payments Task Force and the National Association of Insurance Commissioners Cybersecurity Task Force. She has spoken extensively on the topic of emerging risks and technologies, including at the White House Council on Women and Girls highlighting the work of women in finance and technology.

She led several of the department's enforcement actions, including the investigations of cross- border banking, conflicts of interest for financial consultants, and global FX rate manipulation.

Before joining the department, Maria held senior positions at the New York State Insurance Department and the New York Attorney General's Office, including running the Investor Protection Bureau. More recently, she was Managing Director at Global Atlantic Financial Company, a leading insurer, heading their regulatory affairs and strategies team. She is currently the interim Executive Director of the Virtual Commodities Association. Maria is a graduate of New York University and Brooklyn Law School.

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James Wrynn

Senior Managing Director
FTI Consulting

Jim Wrynn has more than 30 years of professional experience as an executive, attorney, regulator and advisor in the insurance industry, serving as an expert in various litigation matters. Mr. Wrynn has also been involved in global insurance regulations, policies and standards; and in assisting clients in developing strategies and programs dealing with regulatory issues; capital management/optimization; identification of strategic partners and acquisitions; new product development; geographic expansion strategies; distribution solutions; risk financing and captive insurance formation; restructuring and operational performance; inquiries and investigations; litigation; Enterprise Risk Management (ERM)/Own Risk and Solvency Assessments (ORSA); and a variety of other issues in the U.S. and globally.

Most recently, Mr. Wrynn was the Chief Commercial Officer and a Hearing Officer at National Arbitration and Mediation. Prior to joining NAM, Mr. Wrynn served as Senior Managing Director at FTI Consulting; Managing Director and Vice-Chair in the U.S. for Guy Carpenter’s Global Strategic Advisory Group; and Senior Partner at the law offices of Goldberg Segalla, LLP.

Before joining Goldberg Segalla, Mr. Wrynn served as the 40th and last Superintendent of Insurance in the State of New York. He was very involved in the drafting of the new Financial Services law in New York and the merger of the Insurance Department with the NYS Department of Banking to form the new Department of Financial Services - at which time he served as the first Deputy Superintendent of the new department.

Mr. Wrynn is admitted to practice law in the federal and state courts of New York and New Jersey, and the U.S. Supreme Court. He has earned a Martindale-Hubbard Peer Review rating of AV Preeminent and has been rated a top lawyer in insurance law by American Lawyer Media and Martindale-Hubbell, in insurance coverage by New York Metro Super Lawyers, and the listing of Who’s Who Legal Consulting Expert Guide: Insurance and Reinsurance from 2017 to 2019.

He has earned an Associate in Captive Insurance (ACI), Associate in Risk Management (ARM) designation, and Workers’ Compensation Professional (WCP) designation. He has also served as a registered foreign lawyer in the United Kingdom, and as an expert witness on matters involving his areas of concentration.

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Matthew Bisanz

Mayer Brown LLP

Matthew Bisanz is a Financial Services Regulatory & Enforcement associate in Mayer Brown's Washington DC office. He counsels US and non-US financial services firms on a variety of regulatory, compliance, enforcement, and transactional matters.

Matt advises financial institutions on banking and derivatives regulations, insolvency and resolution issues, cybersecurity and data privacy concerns, and financial technology. He also advises on Dodd-Frank Act compliance issues, including Title VII requirements, the Volcker Rule, stress testing, and Reg YY enhanced prudential standards, and Basel III capital and liquidity requirements.

Matt also has experience with sensitive internal investigations and similar matters involving financial services firms (e.g., DOJ/IRS FATCA investigations, OFAC sanctions appeals and compliance, and FinCEN BSA/AML compliance).

Matt also advises financial institutions on legislative and regulatory developments regarding complex financial instruments and transactions that are of significance to the financial services industry. In addition, he addresses regulatory status questions for US and non-US financial institutions effecting transactions in, and providing advice with respect to, securities and derivatives.

Prior to joining the Washington DC office of Mayer Brown in 2013, Matt worked at the SEC, CFTC, DOJ, and FDIC in various regulatory and investigative roles and at a Big Four accounting firm in New York.

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