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NAIC Groups Carve Up the Mountain at the Winter Meeting

After strapping on their skis and riding up the lifts, the NAIC groups reported to their events. The results of the events of note for life insurers are as follows...more

Colorado DOI Fast-Tracks Big Data Governance Rulemaking

On August 31, 2023, the Colorado Division of Insurance will hold a virtual rulemaking hearing for its proposed regulation on governance and risk management framework requirements for life insurers using external consumer data...more

Opening Day: Regulators Showcase Big Data Initiatives at NAIC Spring Meeting

Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more

Insurors’ Vendor Relationships May Get Wintery Gusts: A Chill for Consumer Data, Artificial Intelligence (AI), and Machine...

As 2022 ended, various groups of the National Association of Insurance Commissioners (NAIC), as well as the Colorado Department of Insurance (CO DOI), continued to gain a better understanding of insurers’ use of consumer...more

A Flurry of Algorithmic Activity at the NAIC 2022 Fall National Meeting

At the National Association of Insurance Commissioners (NAIC) 2022 Fall National Meeting (Fall Meeting), the various NAIC groups hit the industry with an array of snowballs of various actual and proposed surveys, guidance,...more

Does Colorado’s Draft Big Data Governance Rule Foretell of a Long Winter or an Early Spring?

Colorado Senate Bill (SB) 21-169, which became law in 2021, is intended to “hold insurers accountable for testing their big data systems — including external consumer data and information sources, algorithms, and predictive...more

California Throws Shade at Insurance Industry’s Use of Big Data and Algorithms

On June 30, 2022, the California Department of Insurance (CA DOI) released a bulletin titled "Allegations of Racial Bias and Unfair Discrimination in Marketing, Rating, Underwriting, and Claims Practices by the Insurance...more

Flowers Sprout in the Consumer Data Regulation Garden

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

A Rocky Road Ahead for Insurers Using Consumer Data and Models

The NAIC’s development of guiding principles on artificial intelligence seeks to proactively avoid proxy discrimination, safeguard against other unfairly discriminatory outcomes, and apply risk management to address unfair...more

Topsy-Turvy World of Accelerated Underwriting and Artificial Intelligence

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

NAIC Tills the Accelerated Underwriting Garden

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

Innovation Whack-a-Mole

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

Regulatory Response to Insurance Innovation

As the insurance industry seeks to implement new technology, several NAIC groups and states are addressing the regulatory landscape to evolve with the changes. ...more

Life Insurers Sinking in Quicksand as Regulators Scrutinize Non-Traditional Consumer Data Sources

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

Various NAIC Groups Discuss a Cornucopia of Life and Annuity Topics

At the NAIC Fall 2018 National Meeting, various groups within the NAIC discussed a cornucopia of topics that impact the life and annuity industry. ...more

NAIC Big Data WG Shifts Its Gaze To The Use Of Big Data In Life Insurance Underwriting

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

NAIC Summer National Meeting Spotlights Innovation and Insurtech

In response to the accelerating pace of change, the NAIC’s Summer National Meeting in Boston focused on innovation and insurtech....more

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

UK’s FCA Weighs in on Insurers’ Use of Big Data

On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more

Time to Disrupt Insurance Regulation?

Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more

FTC's Big Data Report Provides Road Map for Insurers Using Big Data

On January 6, the Federal Trade Commission ("FTC") released a report entitled "Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues" ("Report") that follows the FTC's September 15, 2014 workshop on "the...more

eCommerce Regulation, Bitcoin, Anti-Money Laundering, Shadow Insurance, 401(k) Litigation [Expect Focus – Vol. IV, Fall 2015]

IN THE SPOTLIGHT - - California Passes Life and Annuity Electronic Transactions Law LIFE INSURANCE - - Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny - NAIC Evaluates Insurer’s Use of Variable...more

NAIC Evaluates Insurer’s Use of Variable Annuity Captives, Price Optimization, and Big Data

At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, regulators and consumer representatives continued to seek transparency on insurers’ use of annuity captive reinsurance transactions (VA...more

NAIC's Market Regulation Committee Adopts Broad Charge to Explore Insurers' Big Data Use

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

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