The complex and evolving AI regulatory landscape for insurers is again on the move. The Colorado Division of Insurance (the Division) has commenced the formal rulemaking process to amend and expand the reach of current...more
New York’s Department of Financial Services releases proposed guidance on AI and other data sources in insurance underwriting and pricing — and you’ll note plenty of influence from Colorado’s governance regulation and the...more
The NAIC adopts a landmark framework outlining regulatory expectations for the use of AI by insurers. Meanwhile, a California agency proposes regulations for the use of automated decisionmaking technology by businesses, and...more
The NAIC issues a 10-page bulletin laying out regulatory guidance regarding the use of algorithms, AI and predictive models; Connecticut lawmakers address the state’s use of AI; and leading AI companies meet at the White...more
The European Parliament approves a revised draft of the EU AI Act, Senate Majority Leader Chuck Schumer lays out plans for groundbreaking AI legislation in the U.S., and the FTC issues a warning that companies who ignore...more
The “balancing act” of insurance regulation across jurisdictions, policymakers, and stakeholders took center stage at the 18th Annual Networks Financial Institute Insurance Public Policy Summit on May 17 in Washington D.C....more
On May 26, 2023, the Colorado Division of Insurance released a revised draft regulation setting forth governance and risk management framework requirements for life insurers using external consumer data and information...more
Our latest briefing dives into the public launch of the NIST’s long-awaited AI Risk Management Framework, the EEOC’s new plan to tackle AI-based discrimination in recruitment and hiring, and the New York Department of...more
Our latest briefing examines the latest signal that the Federal Trade Commission is considering rulemaking, a groundbreaking settlement between the Justice Department and Meta over allegedly discriminatory algorithms,...more
Our latest briefing explores the NAIC’s efforts to address algorithmic bias, the Colorado Division of Insurance’s latest stakeholder session on external consumer data and algorithms, and a private-sector solution for...more
Faegre Drinker’s insurance team will once again be well-represented at the National Association of Insurance Commissioners’ Spring National Meeting from April 4-8 in Kansas City. As pandemic restrictions ease, we expect broad...more
Our latest briefing unpacks important developments at the Consumer Financial Protection Bureau (CFPB) and the National Institute of Standards and Technology (NIST) and other AI-related news at the state and industry level....more
The federal government continues to weigh in on artificial intelligence, algorithmic fairness and related issues. In the latest artificial intelligence briefing, we analyze recent events in Washington, D.C., and also track...more
As more organizations use artificial intelligence and algorithms to drive decision-making processes, policymakers are beginning to address concerns about these tools — including their lack of transparency and potential for...more
2021 ended with several significant developments in the regulation of artificial intelligence (AI). Some of the key developments include: • District of Columbia Attorney General Karl A. Racine introduced legislation in the...more
Colorado Senate Bill 21-169 passed its first test on May 3, 2021, as the Senate Business, Labor & Technology Committee approved a strike-below version of the bill by a 4-3 margin. The revised bill would...more
The National Association of Insurance Commissioners’ (NAIC) Special (EX) Committee on Race and Insurance met during the virtual Spring National meeting on April 12 to discuss its recently proposed 2021 charges. The lengthy...more
The Colorado General Assembly is considering a bill that would restrict insurers' use of external consumer data, algorithms and predictive models that have “no direct causal relationship” to the risk being insured and that...more
On August 14, the National Association of Insurance Commissioners (NAIC) adopted principles for artificial intelligence that were developed over the last year by the NAIC’s Artificial Intelligence Working Group....more
On June 30, the National Association of Insurance Commissioners' (NAIC) Artificial Intelligence Working Group approved principles that call on insurers and others using artificial intelligence (AI) to take proactive steps to...more
Nature abhors a vacuum, and the New York Department of Financial Services filled a big one with Insurance Circular Letter No. 1 (2019), which was issued on January 18. The circular letter addresses the use of external...more
Admit it: you have a nagging feeling that you should learn more about the insurance industry’s use of big data and algorithms, but you don’t know where to begin. Relax. Here are six questions (and answers) to help you get...more
The International Association of Insurance Supervisors (IAIS) has released for public comment certain revised Insurance Core Principles (ICPs) with integrated ComFrame guidance. The consultation covers the following...more