Reporting Developments Affecting the Insurance and Reinsurance Industries

 

Join Us for Our Next InsurTech Legal Academy Webinar: Artificial Intelligence Regulation for InsurTech

by Paige Waters and Stephanie O’Neill Macro | May 20, 2024 | , , |

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 tackle a new important topic impacting InsurTechs. This webinar will address the potential impact of AI Regulation on InsurTechs and give an overview of recent AI regulatory initiatives at the NAIC, state and federal levels.

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NAIC Privacy Protections Working Group’s Path Forward

by Daniel Barry | May 16, 2024 | |

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.

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Excess and Surplus Lines Law Manual 2024 Update

by John Emmanuel and Zachary Lerner | May 16, 2024 | , |

We 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.

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How Will the NAIC Regulate Third-Party Data and Modeling Vendors?‎

by Daniel Barry | Apr 8, 2024 | |

Over 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.” ‎

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NAIC Accelerated Underwriting Working Group Racing Ahead with ‎Regulatory Guidance

by Daniel Barry | Apr 5, 2024 |

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 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.

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