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. Additionally, Colorado has promulgated regulations applicable to life insurers, which are more prescriptive than the NAIC Model Bulletin. New York has proposed a draft
Security Screening Company Hit with AI-Related Securities Suit
Last week, when I wrote about two recent AI-related SEC enforcement actions, I noted that the SEC’s public statements when it announced the enforcement action settlements not only underscored the SEC’s AI-related concerns but also illustrated the kinds of issues that could lead to private securities litigation brought by investors who claim they were misled
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]
More AI-Related IP Lawsuits Filed Against OpenAI and Microsoft
Some readers may recall that at the end of last year, the New York Times very publicly sued OpenAI and Microsoft for copyright infringement, in connection with the defendants’ alleged use of the newspaper’s content for purposes of training chatbots and other AI tools. Although this kind of lawsuit is pretty far outside the blog’s
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
How Copyright Responds to AI-generated Images
1. Introduction: when PRC court encounters AIGC[1]
On November 27, 2023, the Beijing Internet Court made a judicial ruling on a case regarding the AI-generated images (the “First AI-image Case”).[2] This case is noted to be the first of its kind in China, involving a plaintiff surnamed Li and a defendant surnamed
AnJie Broad International Commercial Dispute Resolution NEWSLETTER
I. AnJie Broad’s News on Int’Commercial Dispute Resolution
- AnJie Broad Partners An Shouzhi, Wan Jia, and Wu Shanshan Listed on the First Legal 500 Arbitration Powerlist China 2023Recently, the Legal 500, an internationally renowned and authoritative legal rating agency, announced the first Arbitration Powerlist China 2023. With extensive practical experience in the field of arbitration
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
Guest Post: Lessons from the Rescission of Elon Musk’s $55.8B Option Grant
On January 30, 2024, Delaware Chancellor Kathaleen McCormick issued a 200-page post-trial opinion voiding the $55 billion compensation package that the Tesla board had approved for the company’s CEO, Elon Musk. In the following guest post, Priya Huskins, Esq., Senior Vice President at Woodruff Sawyer, takes a detailed look at Chancellor McCormick’s opinion
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