Insurance Regulation
NAIC P/C Market Intelligence Data Call Announced; Data Due June 6
While the U.S. Treasury dropped a plan for the Federal Insurance Office to collect data on climate-related risks from property/casualty insurers last week, regulators still want to scrutinize what's ...
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The U.S. government is stepping away from its effort to collect data on home insurance prices and availability at the ZIP code level as premiums soar and climate risks to property intensify. Instead, ...
MGU-Carrier Relationships and AI
The NAIC's model bulletin on carriers' use of Artificial Intelligence Systems, adopted in December 2023, specifically sets out expectations that insurers will describe ...
Definitions, Definitions: Advanced AI vs. AI
The definitions of artificial intelligence and machine learning used in the NAIC Surveys on Automobile and Homeowners over the last few years differ from the definitions ...
NAIC’s AI Model Bulletin in Brief
Introducing the idea that regulators encourage the use of innovation and AI Systems while recognizing that such systems present unique risks, such as the "potential for ...
Regulators Run Alongside Speeding AI Train: What the NAIC Model Bulletin Means for Insurers
In an industry where the pace of regulation is often described with references to snails and turtles, the NAIC's adoption of a model bulletin on carriers' use of ...
What’s in New York’s Latest AI Circular?
A month-and-a-half after the NAIC adopted a model bulletin on carriers' use of Artificial Intelligence Systems, the New York Department of Financial Services issued a ...
No Sugarcoating: Availability Before Affordability, Calif. Regulator Says
If the old adage "As California goes, so goes the nation" is true, then 2024 will be another year of industry retooling as insurers and regulators set a path for the future of the U.S. P/C property ...
Saying Goodbye to 2023: When Will California’s Insurance Crisis End?
"Sorry, America,
Your Insurance
Has Been Canceled"
The words were ...