News & Analysis as of

Risk Management NYDFS Underwriting

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

Locke Lord LLP

New York DFS Issues Circular Letter No. 7 RE: Use of AIS and ECDIS in Insurance Underwriting and Pricing

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On Thursday, 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...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

Alston & Bird

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

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On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information...more

Mayer Brown

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

Mayer Brown on

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

Clark Hill PLC

New York Department of Financial Services Proposes Circular to Address Insurance Companies’ Use of Artificial Intelligence

Clark Hill PLC on

On Jan. 17, the New York Department of Financial Services (“NYDFS” or “Department”) issued for public comment a proposed circular letter (“Circular”) for addressing the use of artificial intelligence systems (“AIS”) and...more

Kramer Levin Naftalis & Frankel LLP

Announcing ‘Cyber Insurance Risk Framework,’ NY DFS Joins OFAC in Discouraging Carriers From Making Ransomeware Payments

Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities...more

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