On November 14, 2024, Oklahoma issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all insurers that hold a certificate of authority to do business in the state and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.
Read the Oklahoma Bulletin.
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NY DFS Issues an Industry Letter Regarding AI Cyber Guidance
By Paige Waters
On October 16, 2024, the NY DFS issued an Industry Letter explaining “how Covered Entities should use the framework set forth in Part 500 to assess and address the cybersecurity risks arising from AI.”
Read the Industry Letter.
The post NY DFS Issues an Industry Letter Regarding AI Cyber Guidance appeared first on Insurance
Iowa Insurance Division Releases Proposed AI Bulletin for Comment
By Paige Waters
On October 10, 2024, the Iowa Insurance Division released for comment a proposed AI Bulletin based upon the NAIC AI Model Bulletin. Comments are due before October 31, 2024.
See letter from Jordan Esbrook, General Counsel.
Read the proposed Bulletin.
The post Iowa Insurance Division Releases Proposed AI Bulletin for Comment appeared first
West Virginia Issued Bulletin No. 24-06 RE: Artificial Intelligence
On August 9, 2024, the West Virginia Office of the Insurance Commissioner issued Bulletin 24-06 on Artificial Intelligence Systems (“Bulletin”). The Bulletin is applicable to “all insurers authorized to do business in West Virginia.” The Bulletin does not adopt the entire NAIC Model Bulletin on the Use of AIS by Insurers (“NAIC Bulletin”) verbatim; however,…
Michigan Issued Bulletin 2024-20-INS RE: Use of AIS in Insurers
On August 7, 2024, Michigan issued Bulletin 2024-20-INS on the Use of Artificial Intelligence Systems By Insurers. The Bulletin is applicable to all Insurers, Nonprofit Health Services Plans, HMOs, and Dental Plan Organizations (collectively, “Insurers”) holding certificates of authority to do business in Michigan and is based upon the NAIC Model Bulletin on the Use…
Arkansas Issued Bulletin 13-2024 RE: Use of AIS in Insurance
On July 31, 2024, Arkansas issued Bulletin 13-2024 on the Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all companies licensed to do business in Arkansas and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.
Read the Bulletin.
Please refer to list of AI…
Virginia Issued Administrative Letter 2024-01 RE: Use of AIS
On Monday, July 22, 2024, the Virginia Bureau of Insurance (“Bureau”) issued Administrative Letter 2024-01 on the Use of Artificial Intelligence Systems which is applicable to all companies licensed to conduct the business of insurance in Virginia and all interested parties. The Bureau states that “decisions, conduct, or actions impacting consumers that are made or…
State Insurance Regulators Wrapping up Preliminary Guidance on Accelerated Underwriting
By Daniel Barry
Last week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance companies. DFS formally adopted Insurance Circular Letter No. 7 (2024), which establishes principles for when insurance carriers use artificial intelligence in underwriting and pricing,…
Nebraska Adopts AI Guidance
On June 11, 2024, the Nebraska Insurance Department issued Guidance IGD-H1 on the Use of AI By Insurers. This brings the total to 13 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in Insurance.
Read the guidance.
The following have also been adopted:
- Alaska: Bulletin B 24-01 –
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DC Adopts Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance
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.
Read the Bulletin.
- This brings the total to 12 jurisdictions that have adopted the NAIC Model Bulletin on the
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