We study the effect of climate-change-related regulatory actions on credit allocation. We use the mandated Climate Risk Disclosure Survey from the National Association of Insurance Commissioners (NAIC) to analyze the effect of the mandatory disclosure on corporate bond holdings of the insurance industry -- the largest institutional holders of corporate bonds. We find that insurers who are mandated to disclose their climate risk practices significantly tilt their holdings away from high-climate-risk corporate bonds. Our results are robust when analyzing life insurers and property & casualty insurers separately. We provide evidence that the effect is consistent with the notion that disclosure requirements are a soft form of regulation.