Topic: InsurTech

Underwriting and Finance/Reinsurance Focused InsurTechs – Understanding Licensure and Top 3 Regulatory Issues

Happy Presidents Day! Hopefully you are on vacation and reading this a day late. However, if not, we hope this installment of InsurTech analysis serves as a nice and informative break from the rigors of your work day. This week we move further into our overview of the insurance industry for InsurTechs, we move away from the things the general public is familiar with (Distribution and Claims), and we peer into what’s behind the curtain. And despite what the Wizard of Oz says, you should definitely pay attention to what’s behind the curtain.

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Distribution and Claims-Focused InsurTechs: Understanding Licensure and Top 5 Regulatory Issues

Welcome back to your weekly dose of InsurTech insight. Hopefully in time you’ll come to think of us as a kind of General Assembly for InsurTechs, but instead of learning technological skills, you’ll learn practical information regarding not only regulatory and transactional insurance matters applicable to the InsurTech space, but also issues related to being an entrepreneur (which we will begin to focus on in the second month of this blog).

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New Guidance on Insurers’ Use of Big Data and Algorithms in New York

Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.

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Rhode Island Department of Business Regulation Allows Insurers to Use Blockchain Technology

With an eye towards the growing use of blockchain technology in the digital age, the Rhode Island ‎‎Department of Business Regulation (DBR) has published Insurance Bulletin Number 2018-17 to clarify ‎‎that it allows insurers doing business in the state to use blockchain or distributed ‎‎ledger technology, which DBR defines to mean “the use of a distributed, decentralized, shared, and ‎‎replicated ledger, which may be public or private, permissioned or permissionless, or driven by ‎‎tokenized crypto economics or tokenless.

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