From March 22–25, the National Association of Insurance Commissioners (“NAIC”) held its 2026 Spring National Meeting in San Diego, California. During the meeting, the Innovation, Cybersecurity, and Technology Committee, along with its working groups on Third-Party Data and Models, Big Data and Artificial Intelligence, and Cybersecurity, addressed key developments regarding oversight of third-party data and […]
Insurance
NYDFS Issues Final Circular Letter Guidance on Use of AI in Insurance Underwriting and Pricing
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 […]
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 […]
New NAIC Consumer Privacy Model Law Proposed for Insurers
The National Association of Insurance Commissioners (NAIC) Privacy Protections Working Group (the “Working Group”) released Insurance Consumer Privacy Protection Model Law #674 (“Model 674”) for comment on February 1, 2023. Model 674 is intended to modernize and replace the Insurance Information and Privacy Protection Model Act #670 (“Model 670”) and the Privacy of Consumer Financial […]