Topic: Artificial Intelligence

Join Us for Our Next InsurTech Legal Academy Webinar: Artificial Intelligence Regulation for InsurTech

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 tackle a new important topic impacting InsurTechs. This webinar will address the potential impact of AI Regulation on InsurTechs and give an overview of recent AI regulatory initiatives at the NAIC, state and federal levels.

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How Will the NAIC Regulate Third-Party Data and Modeling Vendors?‎

Over the weekend, the NAIC’s Third-Party Data and Models (H) Task Force released for a 30-‎day comment period (the comment period expires Monday May 6, 2024) a proposed work plan ‎to develop a framework for the regulatory oversight of “third-party data and model vendors and ‎their products and services,” including artificial intelligence. It is anticipated the process of ‎developing this regulatory “framework” will be a two-year process. The spring and summer of ‎‎2024 will be a fact gathering period while over the fall the task force plans to discuss general ‎ideas for the framework while ultimately finalizing a general concept at the November Fall ‎National Meeting in Denver, Colorado. Drafting is slated to begin in 2025. It is contemplated ‎that the anticipated framework “may require new or modification of adopted model laws or ‎regulations in 2025.” ‎

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Colorado Division of Insurance Holds Second Health Insurance Stakeholder Meeting for ‎Implementing AI Requirements

On Tuesday, April 2, 2024, the Colorado Division of Insurance (“Division”) held its second Unfair Discrimination in Insurance Practices – Health Insurance Stakeholder meeting where the Division discussed efforts to develop regulations addressing governance and risk management framework requirements for health insurers’ use of external consumer data and information sources, algorithms, and predicative models. The meeting presented an opportunity for stakeholders to provide comments and insights with respect to their positions on how the Division should proceed.

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Rhode Island Adopts NAIC AI Model Bulletin

In recent weeks a number of states have adopted the Model Bulletin: Use of Artificial Intelligence Systems by Insurers (the “Model Bulletin”) adopted last December by the National Association of Insurance Commissioners (“NAIC”). Alaska[1] was the first state to adopt the Model Bulletin back in February, followed by Connecticut[2] and New Hampshire,[3] with Illinois,[4] Vermont,[5] and Rhode Island[6] opting to adopt the Model Bulletin earlier this month. The word on the grapevine is that Maryland and Pennsylvania will be next.

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