News & Analysis as of

Risk Management Insurance Regulations

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

Jones Day

What About Your Suppliers? Insuring Against Climate Risks to Your Supply Chain

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More than 20 storms—11 of which will become hurricanes, and 5 of which will become Category 3 or greater hurricanes. That's one prediction for the Atlantic hurricane season. Not to worry, you say. Your operations are located...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

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

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

Colorado DOI Summer Reading for Life Insurers

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Colorado DOI Summer Reading for Life Insurers - On May 26 — just ahead of the Memorial Day weekend — the Colorado Division of Insurance (DOI) issued for public comment a second draft of its proposed “Governance and Risk...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

Conyers

Conyers Coverage – Cayman Islands – Issue 5

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A very warm welcome to our fifth issue of Conyers Coverage. This issue is a roundup of recent legal and regulatory measures affecting the insurance industry. Among a number of items, Rob has prepared an update on Cayman’s...more

Quarles & Brady LLP

Wisconsin’s New Insurance Data Security Law

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Cyberattacks on organizations with large consumer databases have been on the rise recently. This is certainly true for the insurance industry, which also has been migrating more business to online platforms in an effort to...more

Hogan Lovells

New York regulator issues cyber insurance risk framework with implications for insurers and insureds

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On February 4, the New York Department of Financial Services (NYDFS) released Insurance Circular Letter No. 2 (2021), a Cyber Insurance Risk Framework (Framework) for insurers that write cyber insurance....more

Mitratech Holdings, Inc

In the Insurance Sector, Data Governance is Back on the Agenda

Today, insurers face numerous challenges that go to the nub of their business models. Customers are seeking new types of cover, new periods of cover and new ways of being serviced – all of which require greater investment in...more

Kramer Levin Naftalis & Frankel LLP

NAIC, Industry Wrangle Over Key Aspects of Insurer Capital, Solvency Regulation

Insurance carriers will find the following topics, recently discussed at the National Association of Insurance Commissioners (NAIC), relevant to capital management, financial risk, solvency and similar “prudential” issues,...more

Hogan Lovells

French legal and regulatory update - July/August 2019

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The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e - newsletter, which offers a legal and regulatory update covering France and Europe for April 2018. ...more

Robinson+Cole Data Privacy + Security Insider

New Hampshire Enacts Insurance Data Security Law

New Hampshire Governor Chris Sununu recently signed the New Hampshire Insurance Data Security Law, which “establishes the exclusive state standards applicable to licensees for data security, the investigation of a...more

Hogan Lovells

UK: PRA publishes Consultation Paper 3/19 “Solvency II: Longevity risk transfers-simplification of pre-notification expectations”

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On 5 February 2019, the Prudential Regulation Authority (PRA) published Consultation Paper (CP) 3/19, which proposes to update Supervisory Statement (SS) 18/16 “Solvency II: longevity risk transfers” to simplify the...more

White & Case LLP

New Regulation on Transfer Operations of Hydrocarbons and/or Oil Products

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On January 23, 2019, the National Agency for industrial Safety and Environmental Protection of the Hydrocarbons Sector ("ASEA") published the "General Administrative Provisions on the Guidelines for the Design, Construction,...more

Vedder Price

Investment Services Regulatory Update - November 2017

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New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

Hogan Lovells

Hong Kong – The new independent insurance regulator takes charge

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It has been announced that the new Independent Insurance Authority for Hong Kong (“IIA“) will assume its functions on 26 June 2017 (the “Commencement Date“), replacing the Office of the Commissioner of Insurance....more

JD Supra Perspectives

Top Regulatory Issues for the Insurance Industry in 2014?

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The answer depends on whom you ask, of course - and, as Hilary Rowen, partner at law firm Sedgwick LLP, noted: it can also differ by insurance industry sector. Here’s what we heard back....more

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