On May 23, 2024, the New York Department of Financial Services (the “Department”) issued Insurance Circular Letter No. 3 (the “Letter”). The Letter is addressed to “all insurers authorized to write property/casualty insurance in New York State, the New York
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DC Adopts Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance
On May 21, 2024, the DC Insurance Commissioner, Karima M. Woods, issued Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance to all Insurers licensed to do business in the District of Columbia.
Read the Bulletin.
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Join Us for Our Next InsurTech Legal Academy Webinar: Artificial Intelligence Regulation for InsurTech
Join Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we tackle a new important topic impacting InsurTechs. This webinar will address the potential…
NAIC Privacy Protections Working Group’s Path Forward
By Daniel Barry
Yesterday, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public comment on its path forward as it reconsiders its…
Excess and Surplus Lines Law Manual 2024 Update
We are happy to provide the 2024 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the…
Washington Issues Technical Assistance Advisory 2024-02 Regarding the Use of AI in Insurance
On April 22, 2024, the Washington Office of the Insurance Commissioner issued Technical Assistance Advisory 2024-02 regarding “The Use of Artificial Intelligence Systems in Insurance” (the “Advisory”). The Advisory applies to “all Insurers.” The Advisory is based upon the “NAIC…
Maryland Issues Bulletin No. 24-11 on the Use of AI in Insurance
Commissioner Kathleen Birrane, Maryland Insurance Administration, on April 22, 2024 issued Bulletin No. 24-11, The Use of Artificial Intelligence Systems in Insurance (the “Bulletin”). The Bulletin applies to “all Insurers, Nonprofit Health Service Plans, Health Maintenance Organizations, and Dental Plan…
Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance
On April 16, 2024, the Kentucky Department of Insurance issued Bulletin 2024-02 to all insurers licensed to do business in Kentucky regarding the Use of Artificial Intelligence Systems in the Business of Insurance effective immediately.
Read the bulletin.
The…
Illinois Appoints New Insurance Director
Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie. Senator Gillespie will step down from her Senate seat and will need to be confirmed by the Senate in her new position.
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How Will the NAIC Regulate Third-Party Data and Modeling Vendors?
By Daniel Barry
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 oversight of “third-party…