News & Analysis as of

Policies and Procedures Insurance Industry

Zelle  LLP

AI Update: Chatbot Errors? – There’s a Policy for That!

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In a remarkable development revealing the increasing integration of Artificial Intelligence into business operations, insurers at Lloyd’s of London have launched focused coverage for losses caused by artificial intelligence...more

Rumberger | Kirk

FINRA Reminds Financial Firms How AI Use Poses Significant Risks

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These days, artificial intelligence is everywhere we look, and the financial services industry is no different. As AI use increases, regulatory bodies are updating their rules and guidelines detailing how companies should and...more

Foley & Lardner LLP

Artificial Intelligence in Health Care: Key Considerations for Oncology

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Artificial intelligence (AI) has the power to revolutionize health care. In oncology, there are now opportunities to apply AI to support diagnostics, predictive analytics, and administrative functions. This hot topic was...more

A&O Shearman

Just a few months left before DORA enforcement: Time to Take Action

A&O Shearman on

The Digital Operational Resilience Act EU 2022/2554 (DORA) constitutes a groundbreaking EU regulation designed to establish a unified framework for bolstering cybersecurity and operational resilience within the financial...more

Foley & Lardner LLP

New York Department of Financial Services Issues New Guidance Concerning the Use of Artificial Intelligence in Insurance– What You...

Foley & Lardner LLP on

On July 11, 2024, the New York Department of Financial Services (DFS) issued Insurance Circular Letter No. 7 (2024) (Letter No. 7) adopting guidance regarding the use of artificial intelligence (AI) in underwriting and...more

Bradley Arant Boult Cummings LLP

Using ChatGPT to Interpret Insurance Policies? Eleventh Circuit Opens the Door to AI’s Role in Policy Interpretation

While recently resolving an insurance coverage dispute in Snell v. United Specialty Insurance Company, 102 F.4th 1208 (11th Cir. 2024), an Eleventh Circuit concurring opinion discussed the potential employment of artificial...more

Pierce Atwood LLP

Avoid Litigation in Multiple Forums - Check the Additional Insured Endorsement

Pierce Atwood LLP on

While lawyers often advise owner and contractor clients to obtain the additional insured endorsements, the certificate of insurance (COI) remains the most common form of proof provided on many construction projects. But the...more

Ervin Cohen & Jessup LLP

A New Twist on Coverage for Losses From ‘Spoofed’ Emails

The facts are frequently the same. A company that has retained the services of a vendor receives an authentic-looking email from the vendor’s CFO which advises that the vendor has changed its bank account or method of...more

ArentFox Schiff

Health Care Providers Navigate Fallout of Major Cyberattack on Change Healthcare

ArentFox Schiff on

Change Healthcare, an affiliate of Optum and UnitedHealth Group, processes more than 15 billion health care transactions annually and touches one of every three patient records. On February 21, Change disconnected its...more

Adams & Reese

Operation Litigation: Top Tips if Your Business is Threatened with a Lawsuit

Adams & Reese on

We continue to provide legal resources for our military veterans returning to the workplace in our monthly “Vets to Ventures” series. Previously, we have discussed how skills acquired in the military translate into becoming a...more

Fenwick & West LLP

Best Practices for Utilizing AI/ML Tools as NAIC Adopts the Model Bulletin on Use of AI

Fenwick & West LLP on

At the recent 2023 national meeting of the National Association of Insurance Commissioners (NAIC) in Orlando (November 30 – December 4), the Innovation Cybersecurity and Technology Committee of NAIC (the “H Committee”) and...more

Skadden, Arps, Slate, Meagher & Flom LLP

GILTI Conscience Podcast | Tax Insurance 101

Atlantic Global Risk director Mike Gaffney joined our “GILTI Conscience” podcast for an in-depth discussion with David Farhat, Nate Carden and Stefane Victor on tax insurance, including how the product works, how policies are...more

Faegre Drinker Biddle & Reath LLP

NAIC LTCI Task Force Adopts Revised RBO Checklist, Receives Update on Industry Trends

NAIC’s Long-Term Care Insurance (LTCI) Task Force recently adopted a revised checklist for regulators to use when drafting and reviewing LTCI reduced benefit options (RBO) policyholder communications. The checklist is meant...more

Conyers

Bermuda Insurance Code of Conduct: Conduct of Business and Conflict of Interest Policy Compliance Deadline

Conyers on

Effective 1 September 2022, the Bermuda Monetary Authority (the “BMA”) issued a revised Insurance Code of Conduct (the “Code of Conduct”) which, among other things, expanded the duties, requirements, standards and principles...more

Partridge Snow & Hahn LLP

Nonprofit Compliance and Best Practices "To Do" List

Whether you run a nonprofit or serve on the Board, you have a responsibility to make sure the organization is both in compliance to weather the storm and take advantage of growth opportunities. There never seems to be enough...more

Seward & Kissel LLP

OFAC Issues Determination and Guidance For Russian Oil Price Cap Policy Commencing Today

Seward & Kissel LLP on

As noted in our prior alerts (concerning OFAC’s September 9, 2022 preliminary guidance and October 31, 2022 follow-on FAQ clarifying the applicability of the impending price cap policy) the U.S. Department of the Treasury’s...more

Conyers

Review & Reset: Topical Items for Consideration by Insurers

Conyers on

It’s necessary from time to time to take a step back to review an insurer’s broader legal, regulatory and compliance landscape and reset and restructure its compliance procedures where required. We briefly set out below a...more

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

Licenses and the Law Series, Part X: A Review

In this final article, we want to leave you with a review of the major takeaways. First, check your liability insurance as soon as you receive a complaint against your license, and report the claim to your insurance...more

Foley Hoag LLP

Obligations of Insurer and Policyholder E-book

Foley Hoag LLP on

The liability insurance relationship is primarily one of contract, with the insurance policy as the principal source of the parties’ obligations. As with other types of insurance, the duties of the parties—and the...more

Rivkin Radler LLP

DFS Warning Of Widespread Data Breach

Rivkin Radler LLP on

Sometimes a comprehensive overview is needed to recognize that individual anomalous conduct is indicative of a criminal scheme. Recently, the Department of Financial Services (DFS) looked at an unusual pattern of interaction...more

Cohen Seglias Pallas Greenhall & Furman PC

Navigating the New Normal: Risk Management and Legal Considerations for Real Estate Companies

As the world continues to reopen, landlords—both residential and commercial—need to understand their responsibilities for creating a safe and secure property for their tenants and employees. In this webinar, a panel of real...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] Navigating the New Normal: Risk Management and Legal Considerations for Real Estate Companies - October 6th, 12:00 pm -...

As the world continues to reopen, landlords—both residential and commercial—need to understand their responsibilities for creating a safe and secure property for their tenants and employees. In this webinar, a panel of real...more

Akin Gump Strauss Hauer & Feld LLP

New York DFS Issues Guidance and Request for Plans Related to COVID-19

The New York Department of Financial Services (DFS) recently issued Circular No. 5 that requires every regulated insurance entity to submit its plans to address the operational risk and identify, monitor and manage the...more

Society of Corporate Compliance and Ethics...

Compliance Perspectives: Judith Spain on Risk Assessments

Judith Spain is a professor of business law at Eastern Kentucky University, Compliance Collaborative Program Consultant with the Georgia Independent College Association, and, most importantly for this conversation, the author...more

Eversheds Sutherland (US) LLP

IRS issues simplified procedures for insurance companies to change methods of accounting to comply with amended Section 846

The Internal Revenue Service (IRS) recently released two revenue procedures that relate to the implementation of accounting method changes as a result of the revisions to Section 846 of the Internal Revenue Code of 1986, as...more

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