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 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.…
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.…
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. …
On 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.…
On 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.…
On 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.”…
On June 11, 2024, the Nebraska Insurance Department issued Guidance IGD-H1 on the Use of AI By Insurers. This brings the total to 13 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in Insurance.…
Please join Locke Lord and FTI Consulting for a complimentary webinar series on market influences and legal and regulatory issues impacting the health care industry in 2024. Over the next several months, we will explore the current deal-making environment, the role of bankruptcy and restructuring solutions and enforcement trends.…
On May 24, 2024, the Massachusetts Division of Insurance (the “Division”) issued Insurance Bulletin 2024-06, “inducements, rebates and affiliated entities” (the “Bulletin”). The Bulletin is addressed to “all licensed insurance companies and insurance producers.” The Division issued the Bulletin to “remind insurance companies, officers thereof, and insurance producers authorized to operate in Massachusetts” that Massachusetts law prohibits, as an unfair or deceptive act or practice in connection with the transaction of insurance business, insurance companies, officers, and producers from “paying, giving, or allowing to pay or give, directly or indirectly, ‘anything of value’ or ‘any valuable consideration’, not specified in the insurance contract, as an inducement to the purchase of insurance or a rebate of insurance premium.” The Bulletin further reminds insurance producers that Massachusetts law also prohibits any “special favor or advantage” to accrue to an such producer that is not specified in the policy. Unlawful rebates or inducements are not solely limited to “reductions on insurance premiums”, but rather such rebates or inducements “include payments, reductions or discounts, not specified in the insurance contract, that would bestow anything of value, valuable consideration, special favor or advantage on the insurance producer.”…
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