News & Analysis as of

Insurance Regulations NYDFS Risk Management

Troutman Pepper Locke

Red Teaming Is an Effective Tool for Insurer Assessment of AI Risks

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The insurance industry is facing increased scrutiny from insurance regulators related to its use of artificial intelligence (AI). Red teaming can be leveraged to address some of the risks associated with an insurer’s use of...more

Clark Hill PLC

New York Enacts Parametric Insurance Law

Clark Hill PLC on

On Dec. 13, 2024, New York Governor Kathy Hochul signed a bill integrating parametric insurance into the state’s existing legal framework for insurance products under the New York Insurance Law (“NYIL”). Assembly Bill A10344...more

Epstein Becker & Green

Insurers in the Crosshairs: New York Targets Consumer Data and AI-Infused Insurance Underwriting and Pricing

As the implementation and integration of artificial intelligence and machine learning tools (AI) continue to affect nearly every industry, concerns over AI’s potentially discriminatory effects in the use of these tools...more

Mayer Brown

New York State Department of Financial Services Issues Proposed Artificial Intelligence Circular Letter

Mayer Brown on

On January 17, 2024, the New York State Department of Financial Services (“NYSDFS”) released a proposed circular letter addressing the use of external consumer data and information sources (“ECDIS”) and artificial...more

Hogan Lovells

New York regulator issues cyber insurance risk framework with implications for insurers and insureds

Hogan Lovells on

On February 4, the New York Department of Financial Services (NYDFS) released Insurance Circular Letter No. 2 (2021), a Cyber Insurance Risk Framework (Framework) for insurers that write cyber insurance....more

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