Environmental Liability: Property and Casualty Insurer Disclosure of Environmental Liabilities
RCED-93-108
Published: Jun 02, 1993. Publicly Released: Jul 09, 1993.
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Highlights
Pursuant to congressional requests, GAO examined casualty and property insurers' claims for Superfund cleanup costs, focusing on the environmental and Superfund data that the top 16 property and casualty insurance companies disclosed in their fiscal year (FY) 1990 and 1991 annual reports to the Securities and Exchange Commission (SEC).
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| United States Securities and Exchange Commission | The Chairman, SEC, should revise the agency's guidance to specifically address insurance companies' disclosure of environmental liabilities. This guidance should specify that, at a minimum, insurance companies routinely disclose in their annual reports: (1) the number and type of reported environmental claims; and (2) an estimated range or minimum amount of associated claims costs and expenses. |
SEC has issued guidance (see Staff Accounting Bulletin No. 92 on the disclosure of potential or contingent environmental liabilities).
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Topics
Claims settlementFinancial disclosureHazardous substancesInsurance claimsInsurance companiesLiability (legal)Liability insuranceLitigationPollution controlReporting requirementsLiability of environmental damages