Imagine a world in which powerful computers can instantaneously break a company’s standard encryption, threatening the most valuable financial data, intellectual property, personal information, and even national security...more
On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Insurance Industry ,
Model Rules ,
NAIC ,
NIST ,
Popular ,
Regulatory Oversight ,
Risk Management ,
State Insurance Administrations
Technological advances, especially in Artificial Intelligence and quantum computing, will continue to amaze in the coming years. They will open up vast new opportunities while presenting profound regulatory, litigation, and...more
3/1/2024
/ Artificial Intelligence ,
Business Losses ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
NAIC ,
Popular ,
Securities and Exchange Commission (SEC) ,
State Privacy Laws ,
Technology ,
Website Design ,
Websites
Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more
On January 17, 2024, the New York State Department of Financial Services (NY DFS) released for public comment a proposed circular letter (Proposed Letter) to regulate the use of artificial intelligence systems (AIS) and...more
Many organizations have recently received a notice from the Delaware Department of Finance Office of Unclaimed Property requesting a sworn verification of the completeness and accuracy of their unclaimed property reporting....more
On September 28, 2023, the Colorado Division of Insurance (CDI) released the first-of-its kind draft proposed regulation (Testing Regulation) for testing the outcomes of certain life insurance underwriting practices for...more
On November 1, 2023, the New York Department of Financial Services (NY DFS) published its highly anticipated final amendments to its influential cybersecurity requirements for financial services companies (Part 500)....more
11/15/2023
/ Chief Information Security Officer (CISO) ,
Compliance ,
Covered Entities ,
Cybersecurity ,
Final Rules ,
Financial Services Industry ,
Incident Response Plans ,
Multi-Factor Authentication ,
NYDFS ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
State Data Breach Notification Statutes
Welcome to the latest edition of Updata – the international update from Eversheds Sutherland’s dedicated Privacy and Cybersecurity team.
Updata provides you with a compilation of privacy and cybersecurity regulatory and...more
11/7/2023
/ Banking Sector ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Data Subject Access Requests ,
Employee Monitoring ,
Enforcement Actions ,
EU ,
Hong Kong ,
New Legislation ,
Privacy Framework ,
Privacy Laws ,
UK
The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more
10/2/2023
/ Algorithms ,
Anti-Discrimination Policies ,
Artificial Intelligence ,
Big Data ,
Casualty Insurance ,
Department of Insurance ,
Final Rules ,
Insurance Industry ,
Life Insurance ,
Predictive Analytics ,
Property Insurance ,
Proposed Legislation ,
Proposed Regulation ,
Risk Management
On September 15, 2023, the Consumer Financial Protection Bureau (CFPB) published an outline of expansive rulemaking proposals to modernize the coverage of the Fair Credit Reporting Act (FCRA) to include data brokers, data...more
9/26/2023
/ Artificial Intelligence ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Creditors ,
Data Brokers ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Medical Debt ,
Proposed Rules ,
Rulemaking Process ,
SBREFA ,
Small Business ,
Underwriting
On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more
7/27/2023
/ Artificial Intelligence ,
Casualty Insurance ,
Comment Period ,
Corporate Governance ,
Insurance Industry ,
Model Forms ,
NAIC ,
Property Insurance ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
Welcome to the latest edition of Updata – the international update from Eversheds Sutherland’s dedicated Privacy and Cybersecurity team.
Updata provides you with a compilation of privacy and cybersecurity regulatory and...more
On May 26, 2023, the Colorado Division of Insurance (CDI) exposed, for public review and comment, a significantly revised draft of its proposed regulation (the Revised Draft Reg.) addressing the governance and risk management...more
Welcome to the latest edition of Updata!
Updata is an international report produced by Eversheds Sutherland’s dedicated Privacy and Cybersecurity team – it provides you with a compilation of key privacy and cybersecurity...more
5/11/2023
/ Adequacy Requirement ,
Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
China ,
Consent ,
Cookies ,
Cybersecurity ,
Czech Republic ,
Disclosure Requirements ,
EU ,
EU Data Protection Laws ,
Germany ,
International Data Transfers ,
Member State ,
New Guidance ,
New Legislation ,
NIST ,
Privacy Laws ,
Singapore ,
South Korea ,
State Privacy Laws ,
UK
Artificial intelligence (AI) has dominated the headlines over the last several years. As technology has continued to advance, computers and robots have progressed from merely assisting human beings with common tasks to making...more
On March 27, 2023, the California Privacy Protection Agency (CPPA) will close its second phase of rulemaking on automated decision-making (ADM) systems under the California Privacy Rights Act (CPRA)— but not before giving...more
This briefing links up some commonalities between the EU and US in terms of the AI march to regulatory change. Our global regulatory specialists have put their heads together for this update on EU, New York City (NYC) and...more
In December 2022, the National Association of Insurance Commissioners (NAIC) Big Data and Artificial Intelligence (H) Working Group published a Report on the use of artificial intelligence (AI) and machine learning (ML)...more
The year 2023 will continue to have cybersecurity and data privacy front of mind for General Counsels. With sweeping new US and global laws and regulations coming online and the California Privacy Protection Agency (CPPA)...more
3/3/2023
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Personal Data ,
Personal Information ,
Personally Identifiable Information ,
Privacy Laws ,
Sensitive Personal Information
All nine Supreme Court Justices sided with a group of 30 states in a dispute with Delaware over hundreds of millions of dollars of unclaimed checks issued by MoneyGram, a money transfer company. The Court held that the...more
New York City (NYC) has delayed to April 15, 2023 the enforcement of its first-of-its-type law on bias in artificial intelligence (AI) tools used in employment. Local Law 144 of 2021 prohibits employers in NYC from using...more
2/16/2023
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Corporate Counsel ,
EEO-1 ,
Employer Liability Issues ,
Employment Discrimination ,
Equal Employment Opportunity Commission (EEOC) ,
Hiring & Firing ,
Job Applicants ,
Proposed Rules ,
Unconscious Bias
On February 1, 2023, the Colorado Division of Insurance (CDI) released a draft of the first of several regulations to implement S.B. 21-169, Colorado’s 2021 law prohibiting insurers from using external consumer data and...more
On Wednesday February 1, 2023, the NAIC Privacy Protections Working Group (the Working Group) released a draft of a new model law for comment, the Insurance Consumer Privacy Protection Model Law (#674) (the Proposal), which...more
2/10/2023
/ California Consumer Privacy Act (CCPA) ,
Data Security ,
General Data Protection Regulation (GDPR) ,
GLBA Privacy ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Insurance Industry ,
NAIC ,
Personal Information ,
Privacy Laws ,
Privacy Policy ,
Proposed Rules ,
Working Groups
On January 26, 2023, the National Institute of Standards and Technology (NIST) released its AI Risk Management Framework (AI RMF or Framework.) The AI RMF is a resource for organizations designing, developing, deploying, or...more