Washington Issues Technical Assistance Advisory 2024-02 Regarding the Use of AI in ‎Insurance
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
15h ago
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 Model Bulletin: Use of Artificial Intelligence Systems by Insurers.” The post Washington Issues Technical Assistance Advisory 2024-02 Regarding the Use of AI in ‎Insurance appeared first on Insurance & Reinsurance ..read more
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Maryland Issues Bulletin No. 24-11 on the Use of AI in Insurance
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
15h ago
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 Organizations.” The Bulletin follows nearly verbatim the NAIC Model Bulletin: Use of Artificial Intelligence Systems by Insurers (“NAIC AI Bulletin”). Commissioner Birrane is the Chair of the NAIC Innovation, Cyber Security, and Technology (H) Committee, which is the committee that developed t ..read more
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Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
5d ago
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 post Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance appeared first on Insurance & Reinsurance ..read more
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Illinois Appoints New Insurance Director
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
2w ago
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. Read the press release. The post Illinois Appoints New Insurance Director appeared first on Insurance & Reinsurance ..read more
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Pennsylvania Adopts NAIC Model Bulletin on the Use of Artificial Intelligence by Insurers
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
2w ago
On Saturday, April 6, 2024, Pennsylvania adopted 54 Pa.B. 1910 based upon the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers; Notice 2024-04. Pennsylvania joins Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont in adopting guidance based upon the NAIC AI Model Act. Read the full Pennsylvania bulletin. The post Pennsylvania Adopts NAIC Model Bulletin on the Use of Artificial Intelligence by Insurers appeared first on Insurance & Reinsurance ..read more
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NAIC Accelerated Underwriting Working Group Racing Ahead with ‎Regulatory Guidance
Locke Lord | Insurance & Reinsurance
by Daniel Barry
2w ago
The Accelerated Underwriting (A) Working Group of the National Association of Insurance Commissioners (“NAIC”) met on April 3, 2024, to discuss its workplan for finalizing proposed regulatory guidance for approval at the Summer National Meeting in August. A drafting group consisting of regulator representatives will spend the next few weeks revising the prior draft guidance in light of public comments previously received and to reflect the results of the Life AI/ML Survey[1] and the AI Model Bulletin[2] released and adopted respectively at last year’s Fall National Meeting in December. Procedu ..read more
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Colorado Division of Insurance Holds Second Health Insurance Stakeholder Meeting for ‎Implementing AI Requirements
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
2w ago
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 health insurers’ use of external consumer data and information sources, algorithms, and predicative models. The meeting presented an opportunity for stakeholders to provide comments and insights with respect to their positions on how the Division should proceed. One key consideration for the Div ..read more
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NAIC Model Bulletin on the Use of AI Systems by Insurers Adopted in Eight States
Locke Lord | Insurance & Reinsurance
by Paige Waters, Stephanie O’Neill Macro
3w ago
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, which are more prescriptive than the NAIC Model Bulletin. New York has proposed a draft Circular Letter addressing the use of AI Systems by Insurers and related disclosure issues. Read the full Nevada bulletin. The post NAIC Model Bulletin on the Use of AI Systems by Insurers Adopted in Eight States appeared first on ..read more
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NAIC Cybersecurity Working Group Adds Cyber Coverage to its Focus
Locke Lord | Insurance & Reinsurance
by Daniel Barry
1M ago
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 to insurance licensees. This year the working group’s work will consist of two parallel tracks: the traditional cybersecurity risk, and a new emphasis on cyber insurance coverage. In her discussion of proposed topics for the 2024 work plan, the Chair highlighted cyber coverage questions specific to ransomware, D&a ..read more
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How Will the NAIC Regulate Third-Party Data and Models?‎
Locke Lord | Insurance & Reinsurance
by Daniel Barry
1M ago
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 National Meeting in Phoenix, the Chair of this task force, Colorado[1] Insurance Commissioner Michael Conway, informed those in attendance that the task force anticipates a two-year workplan. The first year (2024) will be primarily fact finding while during the second year (2025) the task force will draft some form of model – wheth ..read more
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