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Life Insurance Big Data

Carlton Fields

NAIC Groups Carve Up the Mountain at the Winter Meeting

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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

Eversheds Sutherland (US) LLP

Colorado Division of Insurance adopts final rule on use of big data and predictive models

The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more

Carlton Fields

Colorado DOI Fast-Tracks Big Data Governance Rulemaking

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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

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

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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

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

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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

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

National Association of Insurance Commissioners (NAIC) Fall 2021 Meeting Summary

What You Need to Know: Members at the Joint Meeting of the Executive (EX) Committee and Plenary voted to move forward forming the Innovation, Cybersecurity and Technology (H) Committee. Additionally, charges for the new...more

Eversheds Sutherland (US) LLP

NAIC report - 2021 Fall National Meeting

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

Carlton Fields

Eleventh Circuit Decisions May Chill Future Data Breach Class Actions

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The holidays came early for class action defendants in the Eleventh Circuit. Within just over a month, that court issued two decisions with potentially large consequences for data breach litigation in the Eleventh Circuit:...more

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Topsy-Turvy World of Accelerated Underwriting and Artificial Intelligence

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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

Carlton Fields

NAIC Tills the Accelerated Underwriting Garden

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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

Carlton Fields

Innovation and Technology at the NAIC 2019 Fall Meeting

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Several NAIC groups continued addressing issues related to innovation in the life insurance industry as follows...more

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Innovation Whack-a-Mole

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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

Carlton Fields

Regulatory Response to Insurance Innovation

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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

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

BigData: Great Opportunities in the Face of Impending Regulations

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

Carlton Fields

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

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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

Locke Lord LLP

New Guidance on Insurers’ Use of Big Data and Algorithms in New York

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Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their...more

Carlton Fields

Various NAIC Groups Discuss a Cornucopia of Life and Annuity Topics

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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

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

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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

Carlton Fields

NAIC Summer National Meeting Spotlights Innovation and Insurtech

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

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When Innovation Meets Regulation: InsurTech and State Licensing Laws

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The rise of InsurTech — which brings technological innovations to the business of insurance — is having a significant impact on the insurance industry, including through advancements in cybersecurity tools, the introduction...more

Carlton Fields

When Innovation Meets Regulation - The Effect of InsurTech on Insurance Rebating Laws

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The rise of InsurTech — which brings technological innovations to the business of insurance — has recently had a significant impact on the insurance industry, including through advancements in cybersecurity tools, the...more

Carlton Fields

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

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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

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Expect Focus - Volume III - September 2017

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EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. ...more

Eversheds Sutherland (US) LLP

NAIC Report: 2017 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia...more

Eversheds Sutherland (US) LLP

NAIC Report: 2017 Spring National Meeting

The NAIC’s 2016 Annual Report is titled, “Inspiring Innovation” and the themes of innovation and the new capabilities that technology offers were evident throughout the weekend. In March, the NAIC announced the creation of a...more

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