On Tuesday, April 2, 2024, the Colorado Division of Insurance (“Division”) held its second Unfair Discrimination in Insurance Practices – Health Insurance Stakeholder meeting where the Division discussed efforts to develop regulations addressing governance and risk management framework requirements for
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NAIC Model Bulletin on the Use of AI Systems by Insurers Adopted in Eight States
Nevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont. Additionally, Colorado has promulgated regulations applicable to life insurers,…
NAIC Cybersecurity Working Group Adds Cyber Coverage to its Focus
By Daniel Barry
Over the last few years, the work of the Cybersecurity (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) has focused on cybersecurity risk to insurance licensees such as insurance carriers, insurance intermediaries,[1] and third-party service providers…
Rhode Island Adopts NAIC AI Model Bulletin
By Daniel Barry
In recent weeks a number of states have adopted the Model Bulletin: Use of Artificial Intelligence Systems by Insurers (the “Model Bulletin”) adopted last December by the National Association of Insurance Commissioners (“NAIC”). Alaska[1] was the first state to…
How Will the NAIC Regulate Third-Party Data and Models?
By Daniel Barry
The National Association of Insurance Commissioners (“NAIC”) has created a new Third-Party Data and Models (H) Task Force which is charged with developing and proposing a framework for the regulatory oversight of third-party data and predictive models. At the Spring…
NAIC Technology Groups Ramping Up Before the Spring National Meeting
By Daniel Barry
The National Association of Insurance Commissioners (“NAIC”) will convene next month in Phoenix, Arizona, for its Spring National Meeting. The Innovation, Cybersecurity, and Technology (H) Committee (the “H Committee”) and its working groups are ratcheting up their work in anticipation…
Ethical AI in Insurance: Survey Insights Webinar
By Tvasil
Paige Waters will serve as a panelist at the 2024 Ethical AI In Insurance Survey Insights webinar on March 12, 2024 at 11am ET.
Insurance industry experts will unveil the key findings from the survey, shedding light on the current…
JOIN US! 2023 Year in Review & 2024 Trends: AI in the Insurance Industry
By Tvasil
Over the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
Date: February 7
Time: 10:00 AM PT, Noon CT, 1:00 PM…
Join Us for our Next InsurTech Legal Academy Webinar: Inducements and Rebates for InsurTechs
By Tvasil
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’ll tackle a new important topic.
Locke Lord’s Zachary Lerner and Benjamin Sykes,…
A Deep Dive into the Diligent Effort (Search) Requirement
The excess and surplus lines insurance market is a rapidly-growing avenue for the placement of insurance policies in the United States.
Many alien (non-U.S.) insurance carriers write surplus lines insurance coverage via their inclusion on the NAIC IID Quarterly Listing…