News & Analysis as of

Insurance Regulations Machine Learning

Carlton Fields

A Bird's-Eye View of the Current Standings of AI Guidance and Requirements by States

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Since the 2023 adoption by the National Association of Insurance Commissioners of its model bulletin on the use of AI systems by insurers, states have been adopting the model bulletin or draft requirements of their own. Below...more

Jones Day

Anticipating Artificial Insurer Defenses: Maximizing Insurance Coverage for AI Exposures

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The Situation: The global market for artificial intelligence ("AI") technologies is projected to surpass $1 trillion by 2030....more

Quarles & Brady LLP

States Adopt NAIC Model Bulletin on Insurers’ Use of AI

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State regulators are taking action on the use of artificial intelligence in insurance. To date, nearly a dozen states have adopted some form of the National Association of Insurance Commissioners (NAIC) Model Bulletin on the...more

Carlton Fields

Cybersecurity and AI Certification

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A "time cut" is a ruling within cycling to ensure that riders keep pace. Similarly, regulators have placed time cuts, or deadlines, for insurers to certify compliance with cybersecurity regulations. Some of the time cuts are...more

Carlton Fields

NAIC Groups Carve Up the Mountain at the Winter Meeting

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After strapping on their skis and riding up the lifts, the NAIC groups reported to their events. The results of the events of note for life insurers are as follows...more

Carlton Fields

Current Standings of AI Guidance and Requirements by State

Carlton Fields on

States have been off to the races to place in the artificial intelligence insurance regulatory Grand Prix. The NAIC adopted the Model Bulletin on the Use of AI Systems by Insurers, which some states have drafted on to adopt...more

Latham & Watkins LLP

New York Regulator Issues Proposed AI Guidance for Insurers

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On January 17, 2024, the New York State Department of Financial Services (DFS) issued for public comment a proposed circular letter on the use of AIS and external data sources by New York-authorized insurers (the Proposed...more

Epstein Becker & Green

Insurers in the Crosshairs: New York Targets Consumer Data and AI-Infused Insurance Underwriting and Pricing

As the implementation and integration of artificial intelligence and machine learning tools (AI) continue to affect nearly every industry, concerns over AI’s potentially discriminatory effects in the use of these tools...more

Mayer Brown

New York State Department of Financial Services Issues Proposed Artificial Intelligence Circular Letter

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On January 17, 2024, the New York State Department of Financial Services (“NYSDFS”) released a proposed circular letter addressing the use of external consumer data and information sources (“ECDIS”) and artificial...more

Ballard Spahr LLP

Colorado Leads the Way on AI Regulation in the Insurance Industry

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On November 14, 2023, the Colorado Division of Insurance’s AI insurance regulations went into effect.  Colorado is now the first state in the nation to adopt regulations specifically aimed at insurance algorithms....more

Carlton Fields

NAIC Innovation, Cybersecurity, and Technology (H) Committee Gets in on the Action

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On July 17, the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners released its exposure draft of the NAIC’s model bulletin on insurers’ use of algorithms,...more

Carlton Fields

Regulators Looking to Various Kitchen Tools to Regulate Insurers’ Use of Artificial Intelligence and Machine Learning

Carlton Fields on

Various chefs within the National Association of Insurance Commissioners and some individual states’ chefs continue to address insurers’ use of artificial intelligence (AI), machine learning (ML), the use and protection of...more

Robinson+Cole Data Privacy + Security Insider

Colorado Prepares to Regulate AI and Big Data in Insurance

Colorado is poised to become one of the first states to regulate how insurers can use big data and AI-powered predictive models to determine risk for underwriting. The Department of Insurance recently proposed new rules that...more

Hogan Lovells

InsurTech: IVASS launches a survey on the use of Machine Learning algorithms by insurance companies

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IVASS has launched a survey aimed at understanding the use of Machine Learning algorithms by Italian insurance undertakings and Italian branches of non-EU insurance undertakings, which are required to fill in a specific...more

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