Sec. 5. Federal Insurance Office report on insurance regulation and climate financial risk
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Not later than one year after the date of enactment of this Act, the Federal Insurance Office shall publish a report, which may be submitted along with the report described in section 6, that— assesses the potential impact of climate financial risk on the insurance sector in the United States; provides an update on the implementation of recommendations made by the 2023 report of the Federal Insurance Office titled Insurance Supervision and Regulation of Climate-Related Risks ; and recommends ways to modernize and improve regulation and supervision of climate financial risk by the insurance sector in the United States.