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Since the start of 2025, the following states have added to the roadwork on artificial intelligence regulation in insurance by implementing the NAIC’s model bulletin on the use of AI systems by insurers...more
As discussed in last week’s article, along with almost 3,000 regulators and insurance industry leaders, the Maynard Nexsen Insurance Regulatory team of attorneys attended the National Association of Insurance Commissioners...more
Two important meetings were held on March 17, 2025 by task forces of the National Association of Insurance Commissioners (“NAIC”): the newly launched Risk-Based Capital Model Governance (EX) Task Force (“RBCMG TF”); and...more
On March 18, Wisconsin Insurance Commissioner Nathan Houdek issued Wisconsin’s new bulletin on the use of artificial intelligence systems (AIS) in insurance, becoming the 24th state to adopt the NAIC Model Bulletin on the Use...more
The 2025 National Association of Insurance Commissioners (NAIC) President and North Dakota Insurance Commissioner Jon Godfread has stated that...more
The insurance industry embraced the transformative power of Artificial Intelligence in 2024 and will continue to do so in 2025. According to the surveys conducted by the Big Data and Artificial Intelligence Working Group of...more
Regulators are growing concerned about the delegation of various insurance company functions, prompting a closer examination of third-party vendors. Several groups within the National Association of Insurance Commissioners...more
Trying to plot the course for a data security plan in 2025 requires piecing together the maps of various cartographers and decoding each map’s legends and keys....more
A warm welcome to this 12th edition of Conyers Coverage to kick off 2025. Now that the dust has settled, our team is reflecting on another exceptional year for the Cayman Islands (re)insurance industry in 2024. We lawyers may...more
I. Recap of 2024 Climate Initiatives - Last year featured a number of investigations and initiatives by state and federal officials regarding the impact of climate risk on the affordability and availability of insurance....more
The many balls that the various National Association of Insurance Commissioners groups currently have in the air focusing on life insurers’ use of artificial intelligence and machine learning were reflected in the reports...more
The NAIC’s Long-Term Care Insurance (B) Task Force (“Task Force”) has issued its recommendations for 2025 charges, which would disband the Task Force and reallocate the Task Force and the Long-Term Care (B) Working Group’s...more
The National Association of Insurance Commissioners (NAIC) held its 2024 Summer National Meeting August 11-15 in Chicago, Illinois, where regulators continued to work through the implementation of numerous investment-related...more
A warm welcome to the Summer edition of Conyers Coverage. The whirlwind that is the Cayman Islands (re)insurance industry continues to blow with gusto! To keep you updated on recent developments, we include various items from...more
Arguably the most notable takeaways from the [Re]Connect conference were the updates on the positive progress the Cayman Islands has made in its quest toward (hopefully) making a formal application to secure Qualified...more
The New York State legislature recently passed a bill that will, if approved by Governor Hochul, create a regulatory framework for the issuance of pet insurance in New York, mirroring similar legislation enacted in states...more
The Department of Labor has issued the: The exemptions provide relief from prohibited compensation resulting from fiduciary recommendations to “retirement investors”—private sector retirement plans, participants in those...more
State regulators are taking action on the use of artificial intelligence in insurance. To date, nearly a dozen states have adopted some form of the National Association of Insurance Commissioners (NAIC) Model Bulletin on the...more
In recent years, demographic changes and macroeconomic factors have led to significant growth in insurance markets. Within insurance markets, a much more active market in trading “back-books” of insurance liabilities has...more
On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more
At the recent National Association of Insurance Commissioners (NAIC) meeting in Phoenix, Arizona (March 14–18), a new Third-Party Data and Models Task Force (Task Force) was created. The charges of the Task Force are twofold....more
At the recent 2023 national meeting of the National Association of Insurance Commissioners (NAIC) in Orlando (November 30 – December 4), the Innovation Cybersecurity and Technology Committee of NAIC (the “H Committee”) and...more
SEC CLIMATE FINANCIAL RISK DISCLOSURE: RELEASE OF THE AGENCY’S REVISED REGULATION? At some point in October 2023, the US Securities and Exchange Commission (SEC) is expected to release the long-awaited final version of its...more
The National Association of Insurance Commissioners’ Privacy Working Group has been feverishly shuffling and re-dealing its new privacy model, but its luck may be running out....more
In July, the Innovation, Cybersecurity and Technology Committee of the National Association of Insurance Commissioners (NAIC) released an exposure draft of its model bulletin titled “Use of Algorithms, Predictive Models, and...more