On July 11, 2024, the New York Department of Financial Services (“NYDFS”) released Insurance Circular Letter No. 7, which establishes guidelines on the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing (“Final Circular Letter”). The Final Circular Letter comes in the wake of a […]
Artificial Intelligence
CISA and JCDC Conduct First-Ever Public-Private AI Security Incident Tabletop Exercise
On June 13, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) collaborated with the Joint Cyber Defense Collaborative (JCDC) to hold the federal government’s first tabletop exercise for “AI security incidents. JCDC led the exercise and, true to JCDC’s public-private partnership model, included over 50 participants from various government agencies and private-sector companies. For those […]
NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing
On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the “Circular Letter”). The Circular Letter details NYDFS’ expectations and guidelines for the use of artificial […]
Companies Prepare for Change as EU Legislators Agree on EU Artificial Intelligence Act
On December 8, 2023, following marathon negotiations, European Union (‘EU’) legislators reached a political agreement on the much-anticipated EU Artificial Intelligence Act (‘AI Act’). The AI Act is billed as the first comprehensive legal framework on AI systems worldwide, and will impose obligations on both private and public sector actors which develop, import, distribute, or […]
FTC Launches Investigation into Creator of ChatGPT
In mid-July, the Federal Trade Commission (FTC) reportedly opened an investigation into OpenAI, the maker of ChatGPT, sending the company an extensive Civil Investigative Demand (CID). While FTC investigations are normally non-public, the Washington Post published what appears to be part of the CID sent from the FTC to OpenAI. This investigation comes on the […]