Topic: InsurTech

California Department of Insurance Issues Survey on Automated Decision Tools

Last month, the California Department of Insurance sent a survey to more than 50 property & casualty insurers to gather information about the use of automated decision tools in rating, underwriting, claims handling, fraud detection, marketing loss prevention and other operative areas

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State Insurance Regulators Embracing SupTech

On Thursday April 27, 2023, the Innovation in Technology & Regulation (H) Working Group ‎met to discuss its 2023 Work Plan, the development of a regulator-to-regulator SupTech Forum, ‎a pilot project InsureTech Forum, and to hear a presentation on ChatGPT. The regulators ‎quickly approved the 2023 Work Plan and closed the meeting hearing the presentation on ‎ChatGPT without raising any questions. The substance of the meeting consisted of planning for ‎InsureTech and SupTech Forums.‎

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Illinois Passes Uniform Electronic Transactions Act

Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.

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Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors

Locke Lord and InsurTech NY will present a one-hour virtual presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.

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