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Reporting Developments Affecting the Insurance and Reinsurance Industries
On 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.
Read MoreOn July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. According to the Department, the Act furthers Connecticut’s commitment to the captive insurance industry, and the “new legislation underscores Connecticut’s dedication to fostering a business-friendly regulatory environment that promotes innovation and supports the growth of captive insurance companies.”
Read MoreLast week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance companies. DFS formally adopted Insurance Circular Letter No. 7 (2024), which establishes principles for when insurance carriers use artificial intelligence in underwriting and pricing, and clarifies the pre-existing Insurance Circular Letter No. 1 (2019), which chiefly concerns external data sources and “expedited, accelerated or algorithmic underwriting process[es] in lieu of a traditional medical underwriting.” The NAIC’s Accelerated Underwriting (A) Working Group met the next day to consider comments on its previously exposed Regulatory Guidance and a referral for the Market Regulation Handbook. The working group exposed for public comment a revised guidance document for a two-week comment period that is presumably the final version before adoption at next month’s Summer National Meeting.
Read MoreOn June 24, 2024, the New York Department of Financial Services (“DFS”) issued Insurance Circular Letter No. 6 (2024), informing property and casualty insurers writing and delivering commercial property and liability insurance policies in New York, including excess/surplus lines insurers, that the newly enacted N.Y. Insurance Law § 3462 prohibits insurers from inquiring about or making underwriting and rating decisions based on a property’s status as an affordable housing development or containing affordable housing units. If an insurer used this data in the past as part of their application, underwriting process, or rate-setting process, they must revise such applications, underwriting guidelines, and rates accordingly.
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