Respectfully Urging Rhode Island Insurers and the Rhode Island Property Insurance Association to Reduce Insurance Costs on Local Residents by Pursuing Subrogation Claims Against Polluters Who Knowingly Engaged in Misleading and Deceptive Practices Regarding the Connection Between Their Products and Climate Change

WHEREAS, Warming sea and air temperatures, due to heat trapped by increasing carbon emissions, are worsening weather events, including hurricanes and droughts, and are destabilizing Hawaii's climate, as well as leading to additional negative world impacts including sea level rise and ocean acidification; and

WHEREAS, In addition, overwhelming evidence has shown that certain polluters in the fossil fuel industry have been aware of their negative contributions to climate change for decades, and have knowingly engaged in misleading and deceptive practices regarding the connection between their products and climate change, which has exacerbated climate-related harms; and

WHEREAS, These climate-related harms pose a threat to the health, safety, and security of both residents of, and visitors to, Rhode Island, and injured parties deserve to be made whole; and

WHEREAS, Increasing climate-related disasters and risks have contributed significantly to the destabilization of the State's insurance industry, particularly in the property and casualty insurance sector, and have led to rising premiums and increasing non-renewal rates due to payouts for climate-related damages; and

WHEREAS, Insurers and injured parties have successfully pursued claims against those responsible relating to the opioid epidemic, big tobacco, and additional major contributors who have caused widespread damage that affects insurance premiums, which has resulted in the burden of financial loss not falling solely on policyholders and taxpayers; and

WHEREAS, The State of Rhode Island has an intrinsic interest in protecting its citizens from climate disasters, extreme weather events attributable to climate change, and harms resulting from long-term changes to the climate system, with protection that includes affordable access to a functioning insurance market in the State; and

WHEREAS, The State also maintains a compelling interest in protecting consumers from misleading and deceptive practices; now, therefore be it

RESOLVED, That this House of Representatives of the State of Rhode Island hereby strongly encourages Rhode Island insurers and the Rhode Island Property Insurance Association to reduce insurance costs on local residents by pursuing subrogation claims against polluters who knowingly engaged in misleading and deceptive practices regarding the connection between their products and climate change; and be it further

RESOLVED, That the Secretary of State be and hereby is authorized and directed to transmit duly certified copies of this resolution to Governor Dan McKee, Attorney General Peter Neronha, Elizabeth Kelleher Dwyer, Director of the Department of Business Regulation, and Ronald Gerwatowski, Chairperson of the Public Utilities Commission.