On January 18, 2019, New York’s Department of Financial Services (DFS) issued Circular Letter No. 1 (2019) to advise life insurers regarding the type of data that they may use when underwriting policies. The guidance was...more
1/30/2019
/ Algorithms ,
Anti-Discrimination Policies ,
Data Collection ,
Data Use Policies ,
Department of Financial Services ,
Disclosure Requirements ,
Disparate Impact ,
Insurance Industry ,
Insuretech Sector ,
Life Insurance ,
New Guidance ,
Protected Class ,
Startups ,
Transparency ,
Underwriting
• Insurtech start-ups are using technology to improve the underwriting process and obtain a competitive advantage.
• The CDI’s new legal opinion clarifies that even proprietary underwriting rules must be available to the...more
9/7/2018
/ CDIs ,
Innovation ,
Insurance Code ,
Insurance Contracts ,
Insurance Industry ,
Insurance Rates ,
Intellectual Property Protection ,
Public Disclosure ,
Startups ,
Technology Sector ,
Trade Secrets ,
Transparency ,
Underwriting
• The California Supreme Court clarifies application of the “principal object and purpose” test, finding that a self-storage operator’s indemnification plans are not subject to regulation under the Insurance Code.
•...more
4/26/2018
/ Amicus Briefs ,
CA Supreme Court ,
Department of Insurance ,
Insurance Code ,
Insurance Commissioners ,
Insurance Contracts ,
Insurance Industry ,
Leases ,
Property Damage ,
Rental Property ,
Startups
• Recent shifts in insurance regulation are driven by consumer demand.
• Traps for the unwary mean that insurtech startups should engage with regulators early and often.
• Brokers need to know how to navigate the...more
The emerging insurance tech (“insurtech”) industry is growing at breakneck speed. While in 2011 insurtech startups received $140 million in funding from 28 total deals, investment increased more than tenfold in 2016, with...more