On February 5, Delaware joined 21 jurisdictions who adopted guidance similar to the NAIC Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers in 2024, and four additional jurisdictions have otherwise issued guidance or regulation.
In addition to other detailed guidance, Bulletin No. 148 also reiterates the
Hawaii Insurance Commissioner Gordon Ito Retired Effective January 31, 2025
On February 3, the Hawaii Insurance Division issued a press release stating that Insurance Commissioner Gordon Ito has retired as of January 31. Ito served in the division for 31 years in various capacities, including as commissioner for 10 years. He also served under four Hawaii governors and was most…
Oklahoma Issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance
On November 14, 2024, Oklahoma issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all insurers that hold a certificate of authority to do business in the state and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.…
NY DFS Issues an Industry Letter Regarding AI Cyber Guidance
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.”…
Iowa Insurance Division Releases Proposed AI Bulletin for Comment
On October 10, 2024, the Iowa Insurance Division released for comment a proposed AI Bulletin based upon the NAIC AI Model Bulletin.…
Massachusetts Appoints New DOI Commissioner: Michael Caljouw
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.…
You’re Invited: Complimentary 2024 Insurance Forum
2024 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 Chicago office on October 30. Paige Waters will…
Join Us for Our Next InsurTech Legal Academy Webinar: A Deep Dive Into Producer, Adjuster and Reinsurance Intermediary Licensing Regimes
Join 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.…
West Virginia Issued Bulletin No. 24-06 RE: Artificial Intelligence
On 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.…
Michigan Issued Bulletin 2024-20-INS RE: Use of AIS in Insurers
On 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. …