Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more
5/16/2024
/ Algorithms ,
Artificial Intelligence ,
California Privacy Protection Agency (CPPA) ,
Cybersecurity ,
Data Brokers ,
Data Privacy ,
Data Security ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Machine Learning ,
NAIC ,
TCPA
A string of putative class actions has been filed against life insurance companies for allegedly violating section 20(b) of Illinois’ Genetic Information Privacy Act (GIPA) by using applicants’ family medical history in...more
1/22/2024
/ Consumer Insurance Products ,
Genetic Materials ,
Health Insurance ,
Illinois ,
Insurance Industry ,
Life Insurance ,
Medical History ,
Personally Identifiable Information ,
Putative Class Actions ,
Statutory Violations ,
Underwriting
The Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners has been in the big top spotlight the past year as it has been developing its model bulletin on the use of...more
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
Worried that the cards may be stacked against certain consumers and producers, the New York Department of Financial Services (DFS) released a circular letter and filing guidance note on July 17 to remind insurers of their...more
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
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
The first round on the Insurance Consumer Privacy Protection Model Law (#674) started on March 21 as the NAIC’s Privacy Protections Working Group (PPWG) held its first open meeting to discuss the draft privacy model. The...more
After a blustery fall, the NAIC’s Life Actuarial (A) Task Force (LATF) adopted the following at its December 2022 meeting:
Actuarial Guideline LIV – Nonforfeiture Requirements for Index-Linked Variable Annuity Products...more
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
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
On February 1, the NAIC’s Privacy Working Group’s new privacy model germinated. After months of development, the exposure draft, titled “Insurance Consumer Privacy Protection Model Law #674” (Proposed Model), has finally...more
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
Survey Released by September 30 -
On September 28, the Colorado Division of Insurance (CO DOI) held its fourth stakeholder meeting to discuss life insurers’ underwriting practices. SB-169 required insurers to test their...more
The National Council of Insurance Legislators (NCOIL) unanimously agreed to waive a red flag protesting insurers’ offers of enhanced cash surrender values. At its summer meeting, NCOIL adopted a Resolution Identifying Certain...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
On July 8, the Colorado Division of Insurance (CO DOI) piloted its third stakeholder meeting during which the CO DOI continued to chart life insurers’ underwriting practices as part of the required rulemaking process to...more
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
The NAIC’s Privacy Protections Working Group has updated its work plan, planting two crops for its fall 2023 harvest: Time will tell what other seedlings catch the NAIC’s eye. The above dates, however, are subject to growing...more
More than 200 regulators and interested parties attended the NAIC’s Cybersecurity (H) Working Group’s first meeting of the year on March 23. The working group, made up of 23 states, co-chaired by Missouri and New York, is...more
The Life Insurance and Annuities (A) Committee sprang into action during the NAIC Spring 2022 National Meeting in April. The A Committee discussed recent activities and 2022 plans for its Life Actuarial Task Force (LATF), its...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
Following North Dakota, New Mexico, and Washington’s actions in 2021, there is a renewed effort by states to freshen up their rebating provisions to allow value-added products and services.
Kansas came alive first by...more
On April 12, the Colorado Division of Insurance (CO DOI) held its second stakeholder meeting as part of its process to develop rules for life insurance underwriting practices in compliance with Colorado Senate Bill 21-169 (as...more
On April 12, 2022, the Colorado Division of Insurance (Colorado DOI) is rounding the diamond with its second stakeholder meeting as part of Colorado Senate Bill 21-169's (as codified in Colorado Statutes section 10-3-1104.9)...more