Consumer Finance Monitor Podcast Episode: Perspectives on Counseling on the Creation of Consumer Finance Products, with Guest Joseph Schuster, Managing Director and Senior Counsel, Goldman Sachs
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The Significance of Operational Technology in Cyber Insurance Underwriting – Part 2
The Downstream Impact of Ransomware on Cyber Insurance Underwriting – Part 1
Has the SPAC Bubble Burst? Part 2: The SEC’s New Rules
Has the SPAC Bubble Burst? Lessons Learned From the Early Days of SPAC Mania
Smoother Sailing or Choppy Waters: What Lies Ahead for the 2022 D&O Market?
D&O in Brazil and Latin America
Regan Miller, RPLU on Cyber Risk
Louisiana recently amended its statutes regulating managing general agents (MGAs). Certain of the amendments conform Louisiana law to the National Association of Insurance Commissioners MGA Model Act (NAIC Model) adopted in...more
New York’s Department of Financial Services releases proposed guidance on AI and other data sources in insurance underwriting and pricing — and you’ll note plenty of influence from Colorado’s governance regulation and the...more
2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence,...more
The last months of 2023 capped off another major year for insurance regulation, with state insurance regulators and the National Association of Insurance Commissioners undertaking a number of initiatives that will affect the...more
On September 21, 2023, the Colorado Division of Insurance adopted a Final Regulation implementing S.B. 21-169, the 2021 law governing Colorado-licensed insurers’ use of external consumer data and information sources (ECDIS),...more
On November 1, 2023 the Department of the Treasury’s Federal Insurance Office (FIO) formally submitted a request to proceed with a climate-related financial risk data collection for homeowners’ multi-peril underwriting data...more
Artificial Intelligence (AI) has become ubiquitous in today’s corporate lexicon. And while much has been said, and written, about AI, the question still remains: what, exactly, is AI? Or, more aptly for this discussion, what...more
On Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group (the “working group”) exposed for a 45-day comment period draft regulatory guidance while...more
Following completion of its 2022 educational paper, the NAIC’s Accelerated Underwriting (A) Working Group (AUWG) moved to the second part of their charge — draft guidance for the states. During their call on February 22, the...more
On Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group exposed for a 45-day comment period draft regulatory guidance while simultaneously...more
For many in the insurance industry, 2022 was a year of growth, a year dedicated to gaining traction after the residual effects of 2020. As we enter 2023, we reflect beyond the macro dynamics of other markets, in hopes of...more
As the various NAIC groups and state regulators continue to ascertain the seaworthiness of insurers’ use of consumer data, algorithms, and machine learning, these lookouts have set their sights on unfair discrimination. The...more
With spring’s arrival, a bouquet of differing NAIC groups and states is popping up to consider the use of big data and algorithms by insurers, including algorithms based on machine learning. Many are focusing on life...more
With the growing use of algorithms and external consumer data, several national and international bodies have recently drafted work product or proposed regulations as follows...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
As accelerated underwriting (AU) and artificial intelligence (AI) begin to turn life underwriting upside down, several NAIC working groups are seeking to bring order to the disruption: the Big Data (EX) Working Group (“Big...more
The Accelerated Underwriting (A) Working Group (AU WG) sprang into action during the first part of the year learning about the landscape of insurers' use of algorithms in underwriting and potential issues of such use, holding...more
Several NAIC groups continued addressing issues related to innovation in the life insurance industry as follows...more
Accelerated underwriting is one of the fastest growing sectors of the life insurance industry and has allowed both traditional life insurance companies and insurtechs to forego medical exams to reduce the life insurance...more
Like a game of whack-a-mole, new or existing NAIC groups are being tasked to consider the various regulatory issues that are popping up from insurance innovation....more
To kick off the New Year, the New York Department of Financial Services (“DFS”) published Insurance Circular Letter No. 1 (2019) warning life insurers that use of external consumer data and information sources, commonly...more
A key part of the counsel we provide to our insurtech clients is assisting them in navigating the insurance regulatory landscape, with 50 separate state-based legal systems regulating the insurance industry....more
As previously reported in our October 9, 2018, client alert, the sands began shifting in late 2018 when the NAIC Big Data Working Group (Big Data WG) began questioning life insurer’s use of big data after a LIMRA survey found...more
At recent meetings, the NAIC's Big Data (EX) Working Group (Big Data WG) has shifted its gaze to the use of big data in life insurance underwriting. Before these meetings, the Big Data WG had focused on the impact of big data...more
On December 11, the Market Regulation and Consumer Affairs (D) Committee (Market Reg Committee) of the National Association of Insurance Commissioners (NAIC) adopted the following charge... ...more