Topic: InsurTech

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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Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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You’re Invited – Insurance M&A and Capital Raising Roundtable

Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry.

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