The Governance Test for AI in Underwriting
Artificial intelligence is reshaping insurance underwriting.
Submission intake, triage, routine data collection and pricing models for ...
National Association of Insurance Commissioners News
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 ...
NAIC Weighs Overriding Credit-Rating Companies
The National Association of Insurance Commissioners is gearing up to challenge credit graders by overruling ratings on certain assets bought by insurance ...
NAIC Adds ‘Deep Concerns’ to FIO Bid to Collect Climate Change Data From Insurers
In a letter to the Treasury's Federal Insurance Office, the National Association of Insurance Commissioners expressed its "deep concern" over a proposal to collect data ...
NAIC Passes Pet Insurance Model Act
The National Association of Insurance Commissioners (NAIC) has passed a Pet Insurance Model Act to establish appropriate regulatory standards for the growing pet insurance industry. "This model law ...
Insurance Commissioners Endorse Climate Risk Disclosure Standard for Insurers
The National Association of Insurance Commissioners (NAIC) announced at its spring meeting that a bipartisan group of state insurance regulators has adopted a new standard for insurance companies to ...
Chubb Wrote the Most U.S Cyber Business in 2020; Sector Grew Nearly 30%: NAIC
The cyber insurance market in the U.S. grew to roughly $4.1 billion in direct written premiums in 2020, an increase of 29.1% from the prior year, reports the National Association of Insurance ...
U.S. Regulators Are Close to Creating Pet Insurance Legal Standards
U.S. insurance regulators are close to creating a legal standard for pet insurance that would address long-standing consumer complaints that insurers rarely pay up when their furry friends are not ...
AI, Privacy, Racial Bias Among State Insurance Regulator Priorities for 2021
The country's insurance regulators are vowing to prioritize the monitoring of the use of consumer and non-consumer data by companies, the use of artificial intelligence, and the availability and ...