AI Regulation in the Insurance Industry: Impacts of the New York Circular
The New York Department of Financial Services (NYDFS) issued Insurance Circular Letter No. 7, which provides guidance on the use of Artificial Intelligence (AI) and External Consumer Data and Information Sources (ECDIS) in insurance underwriting and pricing. The Circular has significant implications for the insurance industry, especially in the areas of data governance, algorithmic accountability, and consumer protection.
DLA Piper's Kathleen Birrane, Zev Eigen, and Mike O'Day discuss the key aspects of the circular, the challenges and opportunities it presents for insurers, and the best practices for compliance and risk management.
DLA Piper's Kathleen Birrane, Zev Eigen, and Mike O'Day discuss the key aspects of the circular, the challenges and opportunities it presents for insurers, and the best practices for compliance and risk management.
Feature video
What you need to know
Kathleen Birrane compares the New York Circular to the NAIC’s bulletin.
Kathleen Birrane identifies similarities in the NAIC’s bulletin and New York Circular.
Kathleen Birrane identifies similarities in the NAIC’s bulletin and New York Circular.
What are the important differences between the New York Circular and the NAIC’s bulletin?
Kathleen Birrane points out a key risk factor with external data.
Understand how risk factors may cause tension.
Dr. Zev Eigen on context and room for interpretation in analyses.
Understand how risk factors may cause tension.
Dr. Zev Eigen on context and room for interpretation in analyses.
The problem with a “hammer looking for a nail” approach.
Dr. Zev Eigen raises the issues with variables
Dr. Zev Eigen raises the issues with variables
Additional resources
With our global team of insurance lawyers guiding you with pragmatic, strategic advice, you are primed for new opportunities, innovation, and responsible growth in the fast-moving insurance industry.
We can help you understand the risks and opportunities of creating and deploying these game-changing technologies. From compliance with an array of global regulations to ethics and everyday business decisions, our global team has you covered.
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