The past year once again saw a breadth of court decisions addressing a wide variety of directors and officers and professional liability insurance coverage issues. At various levels, state and federal courts across the country issued notable decisions in this
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Oklahoma Issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance
On November 14, 2024, Oklahoma issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all insurers that hold a certificate of authority to do business in the state and is based upon the NAIC…
NY DFS Issues an Industry Letter Regarding AI Cyber Guidance
By Paige Waters
On October 16, 2024, the NY DFS issued an Industry Letter explaining “how Covered Entities should use the framework set forth in Part 500 to assess and address the cybersecurity risks arising from AI.”
Read the Industry Letter.
The…
IRS Wins Against Tribal-Domiciled Captive Insurer
By Daniel Barry
Last month, the Internal Revenue Service (the “IRS”) notched another win at the U.S. Tax Court (the “Tax Court”).[1] In its opinion, the Tax Court commented that it has decided seven cases involving similar captive insurance arrangements, all decided…
Iowa Insurance Division Releases Proposed AI Bulletin for Comment
By Paige Waters
On October 10, 2024, the Iowa Insurance Division released for comment a proposed AI Bulletin based upon the NAIC AI Model Bulletin. Comments are due before October 31, 2024.
See letter from Jordan Esbrook, General Counsel.
Read the proposed…
Massachusetts Appoints New DOI Commissioner: Michael Caljouw
On October 3, Governor Maura Healey appointed Michael T. Caljouw as the new Commissioner of the Massachusetts Division of Insurance (DOI). Starting November 4, 2024, Caljouw will bring over 30 years of experience in insurance law, policy, and regulatory affairs…
You’re Invited: Complimentary 2024 Insurance Forum
By Paige Waters
2024 Insurance Forum
October 30, 2024 / 9:00 AM -3:30 PM
Offices of Locke Lord LLP, 111 S. Wacker Drive, 41st Floor, Chicago, IL 60606
In Person Only
Locke Lord is proud to sponsor and host the 2024 Insurance Forum…
Join Us for Our Next InsurTech Legal Academy Webinar: A Deep Dive Into Producer, Adjuster and Reinsurance Intermediary Licensing Regimes
Join Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on common licensing issues that InsurTechs face when starting up or expanding their insurance-related activities. Expectations differ between the various states, as well as the…
West Virginia Issued Bulletin No. 24-06 RE: Artificial Intelligence
On August 9, 2024, the West Virginia Office of the Insurance Commissioner issued Bulletin 24-06 on Artificial Intelligence Systems (“Bulletin”). The Bulletin is applicable to “all insurers authorized to do business in West Virginia.” The Bulletin does not adopt the…
Michigan Issued Bulletin 2024-20-INS RE: Use of AIS in Insurers
On August 7, 2024, Michigan issued Bulletin 2024-20-INS on the Use of Artificial Intelligence Systems By Insurers. The Bulletin is applicable to all Insurers, Nonprofit Health Services Plans, HMOs, and Dental Plan Organizations (collectively, “Insurers”) holding certificates of authority to…