Ethical AI in Insurance: Survey Insights Webinar
Paige Waters will serve as a panelist at the 2024 Ethical AI In Insurance Survey Insights webinar on March 12, 2024 at 11am ET.
Read MoreFeb 6, 2024 | InsurTech | United States
Paige Waters will serve as a panelist at the 2024 Ethical AI In Insurance Survey Insights webinar on March 12, 2024 at 11am ET.
Read MoreFeb 1, 2024 | Artificial Intelligence | European Union, United States
Over the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
Read MoreFeb 1, 2024 | InsurTech, Regulatory | United States
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’ll tackle a new important topic.
Read Moreby Zachary Lerner | Jan 22, 2024 | Regulatory | United States
The excess and surplus lines insurance market is a rapidly-growing avenue for the placement of insurance policies in the United States. Many alien (non-U.S.) insurance carriers write surplus lines insurance coverage via their inclusion on the NAIC IID Quarterly Listing of Alien Insurers, and there has been exponential growth in the formation of “domestic surplus lines insurers” that are U.S.-based insurers authorized for the express purpose of writing only surplus lines insurance.
Read Moreby Daniel Barry | Jan 17, 2024 | United States
On January 2, 2024, the United States Court of Appeals for the Tenth Circuit (“Tenth Circuit”) denied the State of Oklahoma’s motion for a stay pending appeal to the United States Supreme Court and one week later transferred jurisdiction back to the district court regarding Pharmaceutical Care Management Association v. Mulready. What this means is that the Tenth Circuit’s August 2023 ruling striking down provisions of Oklahoma’s Patient’s Right to Pharmacy Choice Act as preempted by the federal Employee Retirement Income Security Act (“ERISA”) and Medicare Part D, remains in effect, and thus Oklahoma may not enforce those preempted provisions of its law. Arguably, there is now a circuit split between the Eighth and Tenth Circuits as to the extent of federal preemption regarding efforts by states to regulate pharmacy benefit managers. Oklahoma is expected to appeal to the United States Supreme Court. Whether or not the Supreme Court will choose to accept the case is uncertain.
Read MoreJan 16, 2024 | Artificial Intelligence | United States
Increased use and influence of artificial intelligence systems by companies and consumers bring with them new and dynamic oversight, compliance, governance and disclosure challenges. Legal and risk management professionals must develop processes and policies for AI tools that work within the requirements of the law as it is today, while also anticipating the coming wave of legal, regulatory and technological changes. Over the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
Read Moreby Paige Waters and Stephanie O’Neill Macro | Dec 27, 2023 | Artificial Intelligence | United States
2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence, predictive models and algorithms. Keeping in mind that existing insurance laws and regulations often are broad enough to sweep in the new technologies, both the industry and regulators desire a better understanding of how the technologies are being used and how to approach their regulation. In 2023, many initiatives took root and spurred further efforts to protect consumers in the wake of new technological innovations impacting the insurance industry.
Read Moreby Daniel Barry | Dec 14, 2023 | United States
On December 12, the United States Court of Appeals for the Tenth Circuit (“Tenth Circuit”) denied en banc hearing to the Attorney General of the State of Oklahoma in Pharmacy Care Management Association v. Mulready. The Oklahoma Attorney General’s office is likely to appeal to the Supreme Court. Arguably, there may now be a circuit split as the Eighth Circuit had previously ruled that ERISA did not preempt regulation of pharmacy benefit managers (“PBMs”) by the North Dakota Insurance Department while the Tenth Circuit ruled that similar regulation is preempted by ERISA.
Read Moreby Daniel Barry | Nov 30, 2023 | Artificial Intelligence, Privacy/Data Security/Cyber Risk | United States
This coming Friday the Big Data & Artificial Intelligence (H) Working Group, the Privacy Protections (H) Working Group, and the Innovation, Cybersecurity, and Technology (H) Committee will all meet as part of the Fall National Meeting of the National Association of Insurance Commissioners (“NAIC”) in Orlando, Florida. Data use, data retention, and artificial intelligence (“AI”) will be the big topics at the Fall National Meeting. Other H Committee affiliated working groups will not be meeting at the Fall National Meeting; however, those working groups met earlier over the fall and are moving their workstreams forward.
Read Moreby Daniel Barry | Nov 27, 2023 | Life Insurance & Annuities, Privacy/Data Security/Cyber Risk, Regulatory, State Legislative Developments | United States
On November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the implementation of Colorado Insurance Regulation 10-1-1: Governance of Risk Management Framework Requirements for Life Insurer’s Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models, which was adopted in September 2023 pursuant to SB21-169.
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