Nevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont.
Read MoreJoin Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we’ll tackle a new important topic.
Read MoreThe excess and surplus lines insurance market is a rapidly-growing avenue for the placement of insurance policies in the United States. Many alien (non-U.S.) insurance carriers write surplus lines insurance coverage via their inclusion on the NAIC IID Quarterly Listing of Alien Insurers, and there has been exponential growth in the formation of “domestic surplus lines insurers” that are U.S.-based insurers authorized for the express purpose of writing only surplus lines insurance.
Read MoreLocke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection and cyber risk management.
Read MoreOn November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the implementation of Colorado Insurance Regulation 10-1-1: Governance of Risk Management Framework Requirements for Life Insurer’s Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models, which was adopted in September 2023 pursuant to SB21-169.
Read MoreThe Antifraud (D) Task Force of the National Association of Insurance Commissioners (“NAIC”) met on October 20, 2023, to discuss comments received on the August 20 draft revisions to the Model Unfair Trade Practices Act (#880) which would expand the regulatory reach of state insurance regulators to health insurance lead generators, which are not registered or licensed by state insurance regulators. The October 20 meeting became a drafting session as member regulators negotiated textual revisions in real time. Draft new language was uploaded to the NAIC website the evening of Thursday, October 26, 2023, for a one-week comment period closing on Friday November 3, 2023. Despite potential procedural hurdles around public comment periods and open-meeting requirements, the expectation remains that final revisions will be adopted at the Fall National Meeting.
Read MoreOn October 25, 2023, the Financial Condition (E) Committee (the “E Committee”) of the National Association of Insurance Commissioners (“NAIC”) adopted revisions to the Property and Casualty Insurance Guaranty Association Model Act (#540) which would ensure guaranty fund coverage following insurance business transfer or corporate division transactions. The adopted draft is coverage neutral in that if there was guaranty fund coverage before the transaction the coverage would remain, but if there was not guaranty fund coverage before the transaction coverage would not result from the transaction. The adopted draft includes optional language that would provide coverage for assumed claims transactions.
Read MoreProperty and casualty insurance companies’ decisions to withdraw from certain lines of business, in jurisdictions such as California and Florida, has garnered a great deal of attention in recent months. The Connecticut Department of Insurance (the “Department”) recently published a bulletin clarifying its expectations for prior notice from property & casualty carriers when planning to exit a line of business or discontinue a subline of business. The new bulletin rescinds and replaces a prior bulletin, extending the bulletin’s reach regarding location-based discrimination and “agency-facing applications and other technology, processes (e.g., referrals to underwriters) or communications to producers.”
Read MoreLocke Lord is proud to host the 2023 Insurance Forum, presented by The Insurance Forum Foundation at the Chicago office on November 2, 2023. Paige Waters, will moderate a panel that will discuss Artificial Intelligence in the Insurance Industry.
Read MoreJoin Locke Lord, InsurTech NY and InsurTech Hartford for the next installment of the InsurTech Legal Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we’ll tackle a new important topic.
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