Topic: Artificial Intelligence

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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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.

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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.

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NAIC H Committee Pre-Fall National Meeting

This coming Friday the Big Data & Artificial Intelligence (H) Working Group, the Privacy ‎Protections (H) Working Group, and the Innovation, Cybersecurity, and Technology (H) ‎Committee will all meet as part of the Fall National Meeting of the National Association of ‎Insurance Commissioners (“NAIC”) in Orlando, Florida. Data use, data retention, and artificial ‎intelligence (“AI”) will be the big topics at the Fall National Meeting. Other H Committee ‎affiliated working groups will not be meeting at the Fall National Meeting; however, those ‎working groups met earlier over the fall and are moving their workstreams forward.‎

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