Artificial Intelligence State Insurance Regulation: A Year in Review
By EsqSocial Corporation 19/12/24
Much of the activity surrounding the state insurance regulation of artificial intelligence (“AI”) in the insurance industry this year was prompted by the NAIC Model Bulletin: Use of Artificial Intelligence Systems by Insurers (“Model Bulletin”). The NAIC adopted the Model Bulletin late in 2023 at its Fall Meeting. The Model Bulletin makes clear that existing laws (e.g. unfair and deceptive practices, corporate governance disclosures, rate requirements prohibiting rates from being excessive,...
By: Locke Lord LLP