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
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 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
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
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
The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more
11/8/2021
/ Artificial Intelligence ,
Big Data ,
Cross-Border ,
Cyber Threats ,
Cybersecurity ,
EU ,
Insurance Industry ,
International Harmonization ,
NAIC ,
Popular ,
Regulatory Agenda ,
Technology Sector ,
Working Groups
It was a tumultuous year for privacy and cybersecurity, and further uncertainty is all but guaranteed. The key to navigating this volatility, as 2020 proved, is to develop and maintain a proactive, agile and holistic data...more
2/10/2021
/ Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Security ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
NAIC ,
Popular
On August 14, 2020, the National Association of Insurance Commissioners (NAIC) adopted a set of principles that will guide the work of insurers and entities, including data providers, that play an active role in the lifecycle...more
The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas. Notable developments from the Fall National Meeting include:
..Bermuda, Japan and...more
12/27/2019
/ Artificial Intelligence ,
Casualty Insurance ,
Flood Insurance ,
Innovation ,
Insurance Industry ,
Life Insurance ,
Liquidity ,
NAIC ,
Property Insurance ,
Regulatory Standards ,
Reinsurance ,
Stress Tests ,
Technology ,
Terrorism Insurance
In a flurry of approvals last week, the National Association of Insurance Commissioners (NAIC) took substantial steps toward finalizing its proposed Insurance Data Security Model Law during the 2017 NAIC Summer National...more
On September 13, 2016, New York Governor Andrew Cuomo announced a proposal by the New York Department of Financial Services (the DFS) of a rule that establishes cybersecurity requirements for financial services companies...more
The National Association of Insurance Commissioners (NAIC) held its 2016 Summer National Meeting from August 26 through August 29 in San Diego, California.
The meeting began with strong words from the NAIC President and...more
On August 17, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) released for comment a revised draft Insurance Data Security Model Law (the Model Law). This Model...more
On May 24 and 25, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) hosted a meeting in which state insurance commissioners and interested parties were invited to...more
The National Association of Insurance Commissioners (NAIC) held its 2016 Spring National Meeting from April 1 through April 6 in New Orleans, Louisiana. As host, Louisiana provided beautiful weather and bountiful great food....more
5/25/2016
/ Big Data ,
Casualty Insurance ,
Cybersecurity ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Flood Insurance ,
Gramm-Leach-Blilely Act ,
IAIS ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
ORSA ,
Pricing ,
Principle-Based Reserves ,
Property Insurance ,
Reinsurance ,
Terrorism Insurance
2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance...more
On December 17, the National Association of Insurance Commissioners (NAIC) adopted a Roadmap for Cybersecurity Consumer Protections.
Except for a new name and new introduction, the Cybersecurity Roadmap is identical to...more
On October 14, the National Association of Insurance Commissioners Cybersecurity Task Force (NAIC Task Force) adopted a version of the Cybersecurity Bill of Rights for insurance consumers. The Bill of Rights claims to outline...more
Nearly one-third of the U.S. states have now issued directives on the use of price optimization to determine insurance rates and, to date, most states have taken a skeptical view of the practice. Meanwhile, at the national...more
On September 10, the National Association of Insurance Commissioners (NAIC) co-sponsored a cybersecurity forum at the Center for Strategic and International Studies in Washington, DC. Featuring an impressive line-up of senior...more
Regulatory activity on price optimization appears to be coming to a head. The National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force is continuing to gather input, with all...more
On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), the NAIC’s Life Insurance...more
On May 29, the National Association of Insurance Commissioners (the NAIC) Unclaimed Benefits Model Drafting (A) Subgroup (the Subgroup) met to discuss regulator and industry materials submitted to the Subgroup and identified...more
Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more