Tallgrass Institute Releases FPIC Due Diligence Guidance for Insurers
Tallgrass Institute’s Free, Prior and Informed Consent Due Diligence for Insurers released today provides insurance companies with a framework to operationalize due diligence to respect the rights of Indigenous Peoples, grounded in their right to FPIC.
The guide discusses the insurance business case for FPIC due diligence and delineates questions insurance underwriters should ask to integrate respect for Indigenous Peoples into business operations. These questions provide a mechanism for enhanced due diligence that aligns with the UN Guiding Principles on Business and Human Rights and the UN Declaration on the Rights of Indigenous Peoples so that insurance companies can integrate consistent consideration across jurisdictions at the highest levels into underwriting.
By adopting strong due diligence and FPIC policies, insurers benefit from a more comprehensive understanding of risk, risk mitigation, legal compliance, and reduced liability, and minimizing disruptions, uncertainties, and conflicts.