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Reporting Developments Affecting the Insurance and Reinsurance Industries
On October 16, 2024, the NY DFS issued an Industry Letter that explaining “how Covered Entities should use the framework set forth in Part 500 to assess and address the cybersecurity risks arising from AI.”
Read MoreLast month, the Internal Revenue Service (the “IRS”) notched another win at the U.S. Tax Court (the “Tax Court”). In its opinion, the Tax Court commented that it has decided seven cases involving similar captive insurance arrangements, all decided in favor of the IRS. The usual red flags pertaining to circular funds, premium calculations independent of loss experience, and sudden increase in claims following IRS inquiry are all present. In this instance, the Tax Court considered a new factor – the tribal domicile.
Read MoreOn October 10, 2024, the Iowa Insurance Division released for comment a proposed AI Bulletin based upon the NAIC AI Model Bulletin.
Read MoreOn October 3, Governor Maura Healey appointed Michael T. Caljouw as the new Commissioner of the Massachusetts Division of Insurance (DOI). Starting November 4, 2024, Caljouw will bring over 30 years of experience in insurance law, policy, and regulatory affairs to lead one of the country’s largest insurance markets.
Read More2024 Insurance Forum October 30, 2024 / 9:00 AM -3:30 PM Offices of Locke Lord LLP, 111 S. Wacker Drive, 41st Floor, Chicago, IL 60606 In Person Only Locke Lord is proud to sponsor and host the 2024 Insurance Forum in the...
Read MoreJoin Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on common licensing issues that InsurTechs face when starting up or expanding their insurance-related activities. Expectations differ between the various states, as well as the NAIC, regarding what activities do and do not require insurance producer and surplus lines broker licensure (both on an individual and entity level). Moreover, even if an InsurTech is not making a final decision on whether to accept or deny a claim, it may “cross the line” into licensable activity as well. Zach and Moya will also touch on nuances in the reinsurance intermediary space as well, which differ substantially from insurance producer licensing standards in a number of states.
Read MoreOn August 9, 2024, the West Virginia Office of the Insurance Commissioner issued Bulletin 24-06 on Artificial Intelligence Systems (“Bulletin”). The Bulletin is applicable to “all insurers authorized to do business in West Virginia.” The Bulletin does not adopt the entire NAIC Model Bulletin on the Use of AIS by Insurers (“NAIC Bulleting”) verbatim; however, the language and concepts included in the Bulletin and largely track the NAIC Bulletin and often verbatim.
Read MoreOn August 7, 2024, Michigan issued Bulletin 2024-20-INS on the Use of Artificial Intelligence Systems By Insurers. The Bulletin is applicable to all Insurers, Nonprofit Health Services Plans, HMOs, and Dental Plan Organizations (collectively, “Insurers”) holding certificates of authority to do business in Michigan and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.
Read MoreOn July 31, 2024, Arkansas issued Bulletin 13-2024 on the Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all companies licensed to do business in Arkansas and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.
Read MoreOn Monday, July 22, 2024, the Virginia Bureau of Insurance (“Bureau”) issued Administrative Letter 2024-01 on the Use of Artificial Intelligence Systems which is applicable to all companies licensed to conduct the business of insurance in Virginia and all interested parties.
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