Consumer Finance Monitor Podcast Episode: Perspectives on Counseling on the Creation of Consumer Finance Products, with Guest Joseph Schuster, Managing Director and Senior Counsel, Goldman Sachs
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The Significance of Operational Technology in Cyber Insurance Underwriting – Part 2
The Downstream Impact of Ransomware on Cyber Insurance Underwriting – Part 1
Has the SPAC Bubble Burst? Part 2: The SEC’s New Rules
Has the SPAC Bubble Burst? Lessons Learned From the Early Days of SPAC Mania
Smoother Sailing or Choppy Waters: What Lies Ahead for the 2022 D&O Market?
D&O in Brazil and Latin America
Regan Miller, RPLU on Cyber Risk
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
2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence,...more
The last months of 2023 capped off another major year for insurance regulation, with state insurance regulators and the National Association of Insurance Commissioners undertaking a number of initiatives that will affect the...more
On September 21, 2023, the Colorado Division of Insurance adopted a Final Regulation implementing S.B. 21-169, the 2021 law governing Colorado-licensed insurers’ use of external consumer data and information sources (ECDIS),...more
On November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the...more
On September 28, 2023, the Colorado Division of Insurance (CDI) released the first-of-its kind draft proposed regulation (Testing Regulation) for testing the outcomes of certain life insurance underwriting practices for...more
Following completion of its 2022 educational paper, the NAIC’s Accelerated Underwriting (A) Working Group (AUWG) moved to the second part of their charge — draft guidance for the states. During their call on February 22, the...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
On February 17, like an orchestra conductor, Colorado Division of Insurance (Colorado DOI) Commissioner Michael Conway directed the first of many stakeholder engagement meetings as part of Colorado Senate Bill 21-169's (as...more
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
In the early days of the COVID-19 pandemic, dozens of class action lawsuits were filed across a variety of industries in the United States – with theories of liability ranging from hand sanitizer false-labeling allegations,...more
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
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
Several NAIC groups continued addressing issues related to innovation in the life insurance industry as follows...more
Accelerated underwriting is one of the fastest growing sectors of the life insurance industry and has allowed both traditional life insurance companies and insurtechs to forego medical exams to reduce the life insurance...more
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
The New York Department of Financial Services’ (DFS) January 2019 insurance circular letter, which advised New York-licensed life insurance carriers on the use of external consumer data and information sources in...more
In recent years, the life insurance industry has greatly enhanced the speed and efficiency of its underwriting decisions. This change in the underwriting process is due in large part to the use of new technology in data...more
Drinker Biddle is pleased to present you with this recap—or “a slice” of the 2019 ILTCI Conference, Chicago, Illinois. Year after year, the ILTCI Conference is jam-packed with opportunities to reconnect with and learn from...more
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
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
On January 18, 2019, the New York Department of Financial Services (NYDFS) issued a circular letter to all insurers authorized to write life insurance in New York State setting out the Department’s views concerning the use of...more
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
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
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