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Artificial Intelligence Algorithms Insurance Industry

Holland & Knight LLP

A Regulatory Assessment of AI Performance Guarantees

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With the warranty industry evolving in the U.S., companies seeking to modernize conventional warranties by leveraging advanced technologies such as artificial intelligence (AI) are faced with unique regulatory questions and...more

Arnall Golden Gregory LLP

UnitedHealthcare Must Face State Law Claims in Class Action Suit for AI Driven Coverage Denials of Medicare Advantage Claims

Daytime television inundates American seniors with advertisements for UnitedHealthcare’s (“UHC”) Medicare Advantage Plans. On its website, UHC claims its Medicare Advantage Plans “stand out from the rest,” providing...more

DLA Piper

Lawsuit Over AI Usage by Medicare Advantage Plans Allowed to Proceed

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The US District Court for the District of Minnesota has ruled that plaintiffs may proceed in a putative class action lawsuit brought against a Medicare Advantage organization (MAO) to challenge its alleged use of an...more

Fenwick & West LLP

AI in the Insurance Industry: Balancing Innovation and Governance in 2025

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The insurance industry embraced the transformative power of Artificial Intelligence in 2024 and will continue to do so in 2025. According to the surveys conducted by the Big Data and Artificial Intelligence Working Group of...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Texas Legislature Considering Sweeping AI Bill – Impact on Insurance Industry

Virtually every major industry has seen the proliferation of artificial intelligence systems in recent years. Despite a lack of comprehensive legislation at the federal level, over thirty states have enacted regulations or...more

Maynard Nexsen

The Legal Landscape for AI-Enabled Decisions for Health Care Claims and Coverage Continues to Evolve:  From Litigation to Emerging...

Maynard Nexsen on

With all the hype around AI, business partners and legal professionals are scrambling to understand, adapt, and possibly implement the rapidly changing technology. From a business perspective, the excitement around AI with...more

Troutman Pepper Locke

Artificial Intelligence State Insurance Regulation: A Year in Review

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Much of the activity surrounding the state insurance regulation of artificial intelligence (“AI”) in the insurance industry this year was prompted by the NAIC Model Bulletin: Use of Artificial Intelligence Systems by Insurers...more

Integreon

How AI is Reshaping Cyber Insurance

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AI emerges as both threat and solution in cyber insurance, reshaping risk assessment and breach response. AI is transforming the work of professionals everywhere. Unfortunately, that includes cybercriminals....more

Morris, Manning & Martin, LLP

Navigating AI Risks. Part III: Leveraging Insurance to Mitigate AI Risks

Part III: Leveraging Insurance to Mitigate AI Risks - As boards navigate the complex landscape of AI integration, the risks associated with this powerful technology are multifaceted and evolving. From potential data breaches...more

Troutman Pepper Locke

Oklahoma Issued Bulletin 2024-11: Use of Artificial Intelligence ‎Systems in Insurance

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On November 14, 2024, Oklahoma issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance....more

Carlton Fields

NAIC Still Juggling Multiple AI and Machine Learning Initiatives

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The many balls that the various National Association of Insurance Commissioners groups currently have in the air focusing on life insurers’ use of artificial intelligence and machine learning were reflected in the reports...more

DLA Piper

California Implements New AI and Software Regulations for Insurers

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On September 28, 2024, California enacted SB 1120, which regulates the use of artificial intelligence (AI), an algorithm, or “other software tool” in utilization review and utilization management (UR/UM) functions by...more

Goodwin

Reliance on Third-Party “Pricing” Facilitators Under Increasing Antitrust Scrutiny

Goodwin on

In the past year, healthcare systems and providers across the country have filed a series of antitrust lawsuits against MultiPlan Inc. and major US health insurers, alleging a hub-and-spoke conspiracy to fix and reduce...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

NYSDFS Issues Final Circular for Insurers on Artificial Intelligence and External Data Use

On July 11, 2024, the New York State Department of Financial Services (NYSDFS) adopted a final circular about the "Use of Artificial Intelligence ("AI") Systems and External Consumer Data and Information Sources in Insurance...more

Troutman Pepper Locke

Virginia Issued Administrative Letter 2024-01 RE: Use of AIS‎

Troutman Pepper Locke on

On Monday, July 22, 2024, the Virginia Bureau of Insurance (“Bureau”) issued Administrative Letter 2024-01 on the Use of Artificial Intelligence Systems which is applicable to all companies licensed to conduct the business of...more

Katten Muchin Rosenman LLP

NYDFS Releases Circular Letter on the Use of AI and Data in Insurance Underwriting and Pricing

On July 11, 2024, the New York Department of Financial Services (“NYDFS”) issued Circular No. 7 Re: Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and...more

Robins Kaplan LLP

AI’s Impact on Property Insurance Coverage

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Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, such as computer systems for assistance in quickly answering complicated questions, researching a specific topic, or creating an...more

Troutman Pepper Locke

Nebraska Adopts AI Guidance

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On June 11, 2024, the Nebraska Insurance Department issued Guidance IGD-H1 on the Use of AI By Insurers. This brings the total to 13 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in...more

Carlton Fields

Racing Ahead: Privacy, Cybersecurity, and AI Heats for the Life Insurance Industry

Carlton Fields on

Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more

Sheppard Mullin Richter & Hampton LLP

The Intersection of Artificial Intelligence and Utilization Review

California is among a handful of states that seeks to regulate the use of artificial intelligence (“AI”) in connection with utilization review in the managed care space. SB 1120, sponsored by the California Medical...more

Troutman Pepper Locke

How Will the NAIC Regulate Third-Party Data and Modeling Vendors?‎

Troutman Pepper Locke on

Over the weekend, the NAIC’s Third-Party Data and Models (H) Task Force released for a 30-day comment period (the comment period expires Monday May 6, 2024) a proposed work plan to develop a framework for the regulatory...more

Morris, Manning & Martin, LLP

Georgia State Representative Introduces Bill to Ban Insurers From Solely Relying on AI for Coverage Decisions

A Georgia State Representative recently introduced legislation prohibiting an insurer from relying solely on artificial intelligence to make coverage determinations. Manisha Thomas (House 65 – D) introduced House Bill 887,...more

Latham & Watkins LLP

New York Regulator Issues Proposed AI Guidance for Insurers

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On January 17, 2024, the New York State Department of Financial Services (DFS) issued for public comment a proposed circular letter on the use of AIS and external data sources by New York-authorized insurers (the Proposed...more

McGlinchey Stafford

Will 2024 Be the Year That AI Breaches the Insurance Market?

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As we have seen the rise of broader use of artificial intelligence (AI) with the launch of ChatGPT in November 2022 and the use of other platforms to create images, text, and even legal precedence that does not exist, it...more

Alston & Bird

NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing

Alston & Bird on

On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information...more

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