On April 22, 2024, the Washington Office of the Insurance Commissioner issued Technical Assistance Advisory 2024-02 regarding “The Use of Artificial Intelligence Systems in Insurance” (the “Advisory”).
Read MoreCommissioner Kathleen Birrane, Maryland Insurance Administration, on April 22, 2024 issued Bulletin No. 24-11, The Use of Artificial Intelligence Systems in Insurance (the “Bulletin”).
Read MoreOn April 16, 2024, the Kentucky Department of Insurance issued Bulletin 2024-02 to all insurers licensed to do business in Kentucky regarding the Use of Artificial Intelligence Systems in the Business of Insurance effective immediately.
Read MoreOver 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.”
Read MoreOn Saturday, April 6, 2024, Pennsylvania adopted 54 Pa.B. 1910 based upon the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers; Notice 2024-04.
Read MoreOn 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.
Read MoreNevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont.
Read MoreIn 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.
Read MoreOver the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
Read MoreIncreased use and influence of artificial intelligence systems by companies and consumers bring with them new and dynamic oversight, compliance, governance and disclosure challenges. Legal and risk management professionals must develop processes and policies for AI tools that work within the requirements of the law as it is today, while also anticipating the coming wave of legal, regulatory and technological changes. Over the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
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