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
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
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
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 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
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
New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty...more
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 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
The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida.
The agenda for this National Meeting was limited, with a number of NAIC working groups...more
1/27/2023
/ Accounting Standards ,
Casualty Insurance ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Meetings ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Securities ,
Technology
On October 4, 2022, the White House Office of Science and Technology Policy (OSTP) issued the Blueprint for an AI Bill of Rights (the Blueprint), which lays out guidelines for companies to use to protect the public...more
Innovation, Cybersecurity, and Technology (H) Committee Adopts Request for Modernized Privacy Protections Model Law; Receives Working Group Reports -
The Innovation, Cybersecurity, and Technology (H) Committee met on...more
9/19/2022
/ Casualty Insurance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Environmental Social & Governance (ESG) ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Working Groups
The National Association of Insurance Commissioners (NAIC) held its 2022 Spring National Meeting from March 4 to 8 in Kansas City, Missouri. Although the meeting was held in a hybrid in-person and remote format, roughly 1,500...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more
1/6/2022
/ Advisory Committee ,
Annuities ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Cannabis Products ,
Climate Change ,
Credit Ratings ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Popular ,
Privacy Policy ,
Private Equity ,
Regulatory Standards ,
Reinsurance ,
Technology ,
Underwriting
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
Business Strategies ,
Climate Change ,
Final Guidance ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Factors ,
Risk Mitigation ,
State Administrative Agencies ,
Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Summer National Meeting from August 14 to 17 in Columbus, Ohio. The meeting was held in a hybrid in-person and remote format due to the ongoing COVID-19...more
On July 19, 2021, the New York Department of Financial Services (DFS) issued Circular Letters 6 and 7 (2021) (Circular Letters) setting forth DFS’s expectations for all New York-authorized insurers in planning and preparing...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Spring National Meeting from April 7 to April 14, 2021. The meeting was held in an all-virtual format due to the ongoing COVID-19 pandemic....more
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
The National Association of Insurance Commissioners (NAIC) held its 2020 Fall National Meeting virtually from December 3 to December 9, 2020. The meeting was originally scheduled to be held in Indianapolis, Indiana, but was...more
The National Association of Insurance Commissioners (NAIC) held its 2020 Summer National Meeting virtually from July 28 to August 14, 2020. The meeting was originally scheduled to be held in Minneapolis, Minnesota, but was...more
If your company, like many other US insurance companies, has an EU or UK affiliate or parent, and you transfer personal data to the US, including employee data or even data of US persons, or if your trusted service providers...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
On May 22, 2020, US Representative Carolyn Maloney (D-NY), joined by twenty co-sponsors, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA).
The bill would establish a federal backstop for business...more