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Insurance Industry Artificial Intelligence

Hogan Lovells

Actualités Législatives et Réglementaires – Juillet / Août 2024

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Le bureau Parisien de Hogan Lovells a le plaisir de vous adresser sa lettre d'information mensuelle qui vous présente les Actualités législatives et réglementaires des mois de juillet et août 2024....more

Goodwin

Reliance on Third-Party “Pricing” Facilitators Under Increasing Antitrust Scrutiny

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In the past year, healthcare systems and providers across the country have filed a series of antitrust lawsuits against MultiPlan Inc. and major US health insurers, alleging a hub-and-spoke conspiracy to fix and reduce...more

Goodwin

How States Are Stepping in to Regulate AI

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States are stepping in to regulate AI amid an absence of federal legislation to address fast-changing developments with the technology. This spring, Colorado became the first state to pass a comprehensive piece of AI...more

Paul Hastings LLP

An Eye on Insurance: Recent Developments in Insurance Regulation - UPDATED September 2024

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2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments...more

Spilman Thomas & Battle, PLLC

Decoded - Technology Law Insights, V 5, Issue 7, August 2024

Welcome to our seventh 2024 issue of Decoded - our technology law insights e-newsletter. We have a few events we want to pass along to those interested in technology, but also other areas of law and business. ...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

NYSDFS Issues Final Circular for Insurers on Artificial Intelligence and External Data Use

On July 11, 2024, the New York State Department of Financial Services (NYSDFS) adopted a final circular about the "Use of Artificial Intelligence ("AI") Systems and External Consumer Data and Information Sources in Insurance...more

Benesch

Dental/DSO Intelligence Monthly Report: July/August 2024

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Background on Indiana’s “Baby HSR” Law - Indiana passed Senate Bill 9 in March 2024, which requires an Indiana healthcare entity involved in a merger or acquisition with another healthcare entity with a value of at least...more

Locke Lord LLP

West Virginia Issued Bulletin No. 24-06 RE: Artificial ‎Intelligence

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On August 9, 2024, the West Virginia Office of the Insurance Commissioner issued Bulletin 24-06 on Artificial Intelligence Systems (“Bulletin”). The Bulletin is applicable to “all insurers authorized to do business in West...more

Alston & Bird

NYDFS Issues Final Circular Letter Guidance on Use of AI in Insurance Underwriting and Pricing

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On July 11, 2024, the New York Department of Financial Services (“NYDFS”) released Insurance Circular Letter No. 7, which establishes guidelines on the use of artificial intelligence systems (“AIS”) and external consumer data...more

Alston & Bird

New York Department of Financial Services Issues Final Guidance to Insurers on Using AI and External Consumer Data

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Our Privacy, Cyber & Data Strategy Group analyzes important guidance from the NYDFS on how insurers use external consumer data and information sources and artificial intelligence systems....more

Locke Lord LLP

Michigan Issued Bulletin 2024-20-INS RE: Use of AIS in ‎Insurers

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On August 7, 2024, Michigan issued Bulletin 2024-20-INS on the Use of Artificial Intelligence Systems By Insurers. The Bulletin is applicable to all Insurers, Nonprofit Health Services Plans, HMOs, and Dental Plan...more

Locke Lord LLP

Arkansas Issued Bulletin 13-2024 RE: Use of AIS in Insurance

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On July 31, 2024, Arkansas issued Bulletin 13-2024 on the Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all companies licensed to do business in Arkansas and is based upon the NAIC Model...more

Cozen O'Connor

Claims Notes: August 2024

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The New York Department of Financial Services (DFS) previously circulated proposed guidance on using AI in underwriting and pricing to address discrimination. DFS requested public comment. Commenters expressed concern over: ...more

Locke Lord LLP

Virginia Issued Administrative Letter 2024-01 RE: Use of AIS‎

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On Monday, July 22, 2024, the Virginia Bureau of Insurance (“Bureau”) issued Administrative Letter 2024-01 on the Use of Artificial Intelligence Systems which is applicable to all companies licensed to conduct the business of...more

Spilman Thomas & Battle, PLLC

The Health Record - Healthcare Law Insights, Issue 3, July 2024

Welcome to our third issue of The Health Record - our healthcare law insights e-newsletter! We are winding down the summer with our talented group of law students and they have continued to research and write, shadow...more

Orrick, Herrington & Sutcliffe LLP

NYDFS issues guidance on AI insurance discrimination

On July 11, NYDFS issued Insurance Circular No. 7 to address the use of AI systems and External Consumer Data and Information Sources (ECDIS) in the underwriting and pricing of insurance policies in New York State. NYDFS...more

Locke Lord LLP

State Insurance Regulators Wrapping up Preliminary Guidance on ‎Accelerated Underwriting

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Last week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance...more

Katten Muchin Rosenman LLP

NYDFS Releases Circular Letter on the Use of AI and Data in Insurance Underwriting and Pricing

On July 11, 2024, the New York Department of Financial Services (“NYDFS”) issued Circular No. 7 Re: Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and...more

Foley & Lardner LLP

New York Department of Financial Services Issues New Guidance Concerning the Use of Artificial Intelligence in Insurance– What You...

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On July 11, 2024, the New York Department of Financial Services (DFS) issued Insurance Circular Letter No. 7 (2024) (Letter No. 7) adopting guidance regarding the use of artificial intelligence (AI) in underwriting and...more

Bradley Arant Boult Cummings LLP

Using ChatGPT to Interpret Insurance Policies? Eleventh Circuit Opens the Door to AI’s Role in Policy Interpretation

While recently resolving an insurance coverage dispute in Snell v. United Specialty Insurance Company, 102 F.4th 1208 (11th Cir. 2024), an Eleventh Circuit concurring opinion discussed the potential employment of artificial...more

Robins Kaplan LLP

AI’s Impact on Property Insurance Coverage

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Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, such as computer systems for assistance in quickly answering complicated questions, researching a specific topic, or creating an...more

Locke Lord LLP

Nebraska Adopts AI Guidance

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On June 11, 2024, the Nebraska Insurance Department issued Guidance IGD-H1 on the Use of AI By Insurers. This brings the total to 13 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in...more

McDermott Will & Emery

State Regulators Address Insurers’ Use of AI: 11 States Adopt NAIC Model Bulletin

In December 2023, the National Association of Insurance Commissioners (NAIC) adopted a Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers. The model bulletin reminds insurance carriers that they...more

Sheppard Mullin Richter & Hampton LLP

Appellate Judge Proposes Possible Use of GenAI for Contract Interpretation – Recognizes That AI Hallucinates but Flesh-And-Blood...

By now, most lawyers have heard of judges sanctioning lawyers for misuse of generative AI, typically for not fact checking the outputs. Other judges have issued local rules governing use of or prohibiting AI. These actions...more

Carlton Fields

Racing Ahead: Privacy, Cybersecurity, and AI Heats for the Life Insurance Industry

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Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more

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