Over the last few years, the work of the Cybersecurity (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) has focused on cybersecurity risk to insurance licensees such as insurance carriers, insurance intermediaries,[1] and third-party service providers to insurance licensees. This year the working group’s work will consist of two parallel tracks:
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Rhode Island Adopts NAIC AI Model Bulletin
In recent weeks a number of states have adopted the Model Bulletin: Use of Artificial Intelligence Systems by Insurers (the “Model Bulletin”) adopted last December by the National Association of Insurance Commissioners (“NAIC”). Alaska[1] was the first state to adopt the Model Bulletin back in February, followed by Connecticut[2] and New Hampshire,[3]…
How Will the NAIC Regulate Third-Party Data and Models?
The National Association of Insurance Commissioners (“NAIC”) has created a new Third-Party Data and Models (H) Task Force which is charged with developing and proposing a framework for the regulatory oversight of third-party data and predictive models. At the Spring National Meeting in Phoenix, the Chair of this task force, Colorado[1] Insurance Commissioner Michael…
NAIC Technology Groups Ramping Up Before the Spring National Meeting
The National Association of Insurance Commissioners (“NAIC”) will convene next month in Phoenix, Arizona, for its Spring National Meeting. The Innovation, Cybersecurity, and Technology (H) Committee (the “H Committee”) and its working groups are ratcheting up their work in anticipation of next month’s national meeting. Earlier this week the NAIC announced that issues pertaining to…
Ethical AI in Insurance: Survey Insights Webinar
Paige Waters will serve as a panelist at the 2024 Ethical AI In Insurance Survey Insights webinar on March 12, 2024 at 11am ET.
Insurance industry experts will unveil the key findings from the survey, shedding light on the current state of AI adoption and ethical considerations within the industry. The report is based on…
JOIN US! 2023 Year in Review & 2024 Trends: AI in the Insurance Industry
Over the next few months, Locke Lord lawyers will tackle some of the most pressing AI concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations.
Date: February 7
Time: 10:00 AM PT, Noon CT, 1:00 PM ET
Presenters: Paige D. Waters and Stephanie O’Neill Macro
This program will cover the current…
Join Us for our Next InsurTech Legal Academy Webinar: Inducements and Rebates for InsurTechs
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’ll tackle a new important topic.
Locke Lord’s Zachary Lerner and Benjamin Sykes, along with EPIC Insurance Brokers & Consultants’ Jacqueline Beaudet will address insurance commission sharing, insurance customer lead/referral…
A Deep Dive into the Diligent Effort (Search) Requirement
The 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…
Oklahoma PBM Law’s Uncertain Appeal to the Supreme Court
On January 2, 2024, the United States Court of Appeals for the Tenth Circuit (“Tenth Circuit”) denied the State of Oklahoma’s motion for a stay pending appeal to the United States Supreme Court and one week later transferred jurisdiction back to the district court[1] regarding Pharmaceutical Care Management Association v. Mulready.[2] What this…
Join Us for the First in Our Series on AI
Increased use and influence of artificial intelligence systems by companies and consumers bring with them new and dynamic oversight, compliance, governance and disclosure challenges. Legal and risk management professionals must develop processes and policies for AI tools that work within the requirements of the law as it is today, while also anticipating the coming wave…