Regulation & Compliance
Republican-Led States Sue SEC Over Climate Risk Disclosure Rules
Ten Republican-led states have sued to challenge new federal rules that require U.S.-listed companies to report climate-related risks, a spokesperson for the West Virginia Attorney General's Office ...
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 their processes for acquiring, ...
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 set forth in the Model ...
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 inaccuracy, unfair ...
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 Artificial Intelligence Systems ...
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 circular letter on the "Use of ...
AM Best Revises Outlooks to Negative for Amica Mutual
Insurance rating firm AM Best has revised the outlooks to negative from stable and affirmed the superior credit ratings of Amica Mutual Insurance Co. and its subsidiary, Amica Property and Casualty ...
After 18 Straight Years, Favorable Loss Reserve Development Streak Could End
In a new article published late last week, Fitch Ratings noted the prospect that 2024 could mark the end of a run of almost two decades of aggregate loss reserve releases for the U.S. ...