On February 1, 2024, Alaska became the first state to adopt the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers by issuing a new Bulletin (“Bulletin B 24-01”). Bulletin B 24-01 is effective...more
On January 17, 2024, the New York Department of Financial Services (“NYDFS”) exposed for comment a proposed circular letter regarding “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources...more
2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence,...more
On September 27, 2023, the Colorado Division of Insurance (the “Division”) exposed a new proposed regulation entitled “Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and...more
On September 21, 2023, the Colorado Insurance Division adopted Regulation 10-1-1 entitled “Governance and Risk Management Framework Requirements for Life Insurers’ Use of External Consumer Data and Information Sources,...more
On August 13, 2023, insurance regulators and the insurance industry met in Seattle, Washington at the NAIC Summer Meeting and continued to address the challenges of monitoring and regulating the insurance industry’s use of...more
On July 17, 2023, the NAIC released the Exposure Draft of the Model Bulletin on the Use of Algorithms, Predictive Models, and Artificial Intelligence Systems by Insurers. Written comments will be accepted by the NAIC through...more
The stories of artificial intelligence applications and ChatGPT are all over the news with daily reports of new uses and challenges. With the mind-boggling speed at which generative artificial intelligence is developing, it...more
Insurance regulators and examiners (“Insurance Regulators”) are increasing their efforts to scrutinize pharmacy benefit managers (“PBMs”), including conducting examinations of their business operations and initiating...more
On June 27, 2023, Illinois enacted two new state insurance laws creating a new state-based health Insurance exchange marketplace (HB 579) and requiring health insurers to comply with rate regulation (HB 2296)....more
Financial institutions, including Insurers, are considering the potential impact of the Silicon Valley Bank’s (“SVB’s”) insolvency. SVB and its parent holding company have provided funding and debt financing to InsurTech...more
As the derivative exposure of U.S. insurers continues to increase and the industry increasingly engages in derivative transactions, including Qualified Financial Contracts (“QFCs”) and Netting Agreements (defined below), it...more
In a major win for health insurers, the U.S. Supreme Court ruled in an 8-1 decision that the federal government owes roughly $12.3 billion to health insurers who claimed losses under the risk corridor program of the...more
4/28/2020
/ Affordable Care Act ,
Appropriations Bill ,
Court of Federal Claims ,
Damages ,
Government Payments ,
Health Insurance ,
Insurance Industry ,
Land of Lincoln Mutual Health Insurance Co. v. United States ,
Maine Community Health Options v. United States ,
Moda Health Plan Inc. v. United States ,
Reimbursements ,
Remand ,
Repeal ,
Reversal ,
Risk Corridors Statute ,
SCOTUS ,
Tucker Act
The National Association of Insurance Commissioners (“NAIC”) on Friday, March 20, 2020 held a Special Session on COVID-19. The session was broken into two parts: the first, open to the public call in the morning and second,...more
Washington H.B. 1001 was enacted on April 8, 2019, and will take effect on July 28, 2019.1 H.B. 1001 makes changes to Wash Rev. Code Chapter 48.110 governing service contracts and protection products guarantees which permit...more
Preface States’ Implementation Of NRRA IN 2016 -
The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more
Regulatory Risk -
Insurance regulators are increasingly investigating and examining (Regulatory Exams) third party administrators (TPAs). Are insurers doing business with TPAs at risk from these Regulatory Exams? ...more
Preface: States’ Implementation Of NRRA In 2014:
The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more