Reporting Developments Affecting the Insurance and Reinsurance Industries
Yesterday, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public comment on its path forward as it reconsiders its options for revising the NAIC’s existing privacy framework. Multiple options are being considered.
Read MoreWe are happy to provide the 2024 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire manual.
Read MoreOn 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”).
Read MoreCommissioner Kathleen Birrane, Maryland Insurance Administration, on April 22, 2024 issued Bulletin No. 24-11, The Use of Artificial Intelligence Systems in Insurance (the “Bulletin”).
Read MoreOn 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 MoreEffective 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 MoreOver the weekend, the NAIC’s Third-Party Data and Models (H) Task Force released for a 30-day comment period (the comment period expires Monday May 6, 2024) a proposed work plan to develop a framework for the regulatory oversight of “third-party data and model vendors and their products and services,” including artificial intelligence. It is anticipated the process of developing this regulatory “framework” will be a two-year process. The spring and summer of 2024 will be a fact gathering period while over the fall the task force plans to discuss general ideas for the framework while ultimately finalizing a general concept at the November Fall National Meeting in Denver, Colorado. Drafting is slated to begin in 2025. It is contemplated that the anticipated framework “may require new or modification of adopted model laws or regulations in 2025.”
Read MoreOn 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.
Read MoreThe 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 and the AI Model Bulletin released and adopted respectively at last year’s Fall National Meeting in December. Procedurally, it is anticipated that the working group will expose version 2.0 of the draft guidance near the end of April for a 30-day public comment period expiring in May. This will be followed by a version 3.0 in June exposed for an additional open comment period followed by final public exposure in July and approval by the working group in August such that the Life & Annuities (A) Committee may adopt the final version at the Summer National Meeting in August.
Read MoreOn 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.
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