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.
Artificial Intelligence
Washington Issues Technical Assistance Advisory 2024-02 Regarding the Use of AI in Insurance
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”).…
Maryland Issues Bulletin No. 24-11 on the Use of AI in Insurance
Commissioner Kathleen Birrane, Maryland Insurance Administration, on April 22, 2024 issued Bulletin No. 24-11, The Use of Artificial Intelligence Systems in Insurance (the “Bulletin”).…
Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance
On 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.…
Pennsylvania Adopts NAIC Model Bulletin on the Use of Artificial Intelligence by Insurers
On 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.…
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.…
NAIC Model Bulletin on the Use of AI Systems by Insurers Adopted in Eight States
Nevada 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.…
JOIN US! 2023 Year in Review & 2024 Trends: AI in the Insurance Industry
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.…
Join Us for the First in Our Series on AI
Increased 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.…
Artificial Intelligence Regulation in the Insurance Industry – 2023 a Year in Review
2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence, predictive models and algorithms. Keeping in mind that existing insurance laws and regulations often are broad enough to sweep in the new technologies, both the industry and regulators desire a better understanding of how the technologies are being used and how to approach their regulation. In 2023, many initiatives took root and spurred further efforts to protect consumers in the wake of new technological innovations impacting the insurance industry.…