On May 24, 2024, the Massachusetts Division of Insurance (the “Division”) issued Insurance Bulletin 2024-06, “inducements, rebates and affiliated entities” (the “Bulletin”). The Bulletin is addressed to “all licensed insurance companies and insurance producers.” The Division issued the Bulletin to “remind insurance companies, officers thereof, and insurance producers authorized to operate in Massachusetts” that Massachusetts

On May 23, 2024, the New York Department of Financial Services (the “Department”) issued Insurance Circular Letter No. 3 (the “Letter”). The Letter is addressed to “all insurers authorized to write property/casualty insurance in New York State, the New York Property Insurance Underwriting Association [‘NYPIUA’], and rate service organizations.” The purpose of the Letter is

On May 21, 2024, the DC Insurance Commissioner, Karima M. Woods, issued Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance to all Insurers licensed to do business in the District of Columbia.
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  • This brings the total to 12 jurisdictions that have adopted the NAIC Model Bulletin on the

Join 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 tackle a new important topic impacting InsurTechs. This webinar will address the potential impact of AI Regulation on InsurTechs and give an overview of recent AI regulatory initiatives

Yesterday, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public comment on its path forward as it reconsiders its options for revising the NAIC’s existing privacy framework. Multiple options are being considered. Firstly, should

On April 22, 2024, the Washington Office of the Insurance Commissioner issued Technical Assistance Advisory 2024-02 regarding “The Use of Artificial Intelligence Systems in Insurance” (the “Advisory”). The Advisory applies to “all Insurers.” The Advisory is based upon the “NAIC Model Bulletin: Use of Artificial Intelligence Systems by Insurers.”
The post Washington Issues Technical Assistance

Commissioner Kathleen Birrane, Maryland Insurance Administration, on April 22, 2024 issued Bulletin No. 24-11, The Use of Artificial Intelligence Systems in Insurance (the “Bulletin”). The Bulletin applies to “all Insurers, Nonprofit Health Service Plans, Health Maintenance Organizations, and Dental Plan Organizations.” The Bulletin follows nearly verbatim the NAIC Model Bulletin: Use of Artificial Intelligence Systems