Topic: InsurTech

Complimentary Webinar: Insurance IT Strategy and Regulatory Compliance: AI, CCPA and NY DFS

Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the potential effects of regulation on the use of analytics and AI in life insurance underwriting, how privacy requirements may affect insurer data governance and MDM strategies, and how third-party data security requirements may affect distribution technology strategies.

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Insurance Technology Strategy and Regulatory Compliance, Vol. 1

Locke Lord’s Regulatory and Transactional Insurance Practice Group has teamed with Novarica, a leading insurance industry technology research, advisory services and consulting firm, to address the impact of evolving insurance regulation on information technology systems of insurance and reinsurance companies. Atlanta Partner Brian Casey, Co-Leader of Locke Lord’s Regulatory and Transactional Insurance Practice Group, Hartford Office Managing Partner Ted Augustinos, member of the steering committee of the Firm’s Privacy and Cybersecurity Group, and Chicago Partner Ben Sykes co-authored the first installment of a quarterly report with Novarica on insurance technology strategy and regulatory compliance.

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New York DFS Announces New Research and Innovation Division

On July 23, the Financial Services Superintendent Linda A. Lacewell announced the establishment of the New York State Department of Financial Services (“NYDFS”) Research and Innovation Division (the “Division”). Superintendent Lacewell stated, “this new division…position[s] DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.”

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Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies

On June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.

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Brian Casey and Chamber of Digital Commerce Meet with FIO

On May 28, 2019, Brian Casey, along with the senior leadership of the Chamber of Digital Commerce, the United States leading trade association representing the digital asset and blockchain industry, and representatives of two of its other members, USAA and AIG, and met with Federal Insurance Office’s Director Steven Seitz and several of his key, senior policy leadership team members to discuss the state of the insurtech industry and the existing and potential applications of blockchain technology to the insurance and reinsurance industries.

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