New York Issues Circular Letter Regarding the Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing

NY | The New York State Department of Financial Services has issued Insurance Circular Letter No. 7 to identify the Department’s expectations that all insurers authorized to write insurance in New York State, Article 43 corporations, health maintenance organizations, licensed fraternal benefit societies, and the New York State Insurance Fund (collectively, “insurers”) develop and manage their use of ECDIS, AIS, and other predictive models in underwriting and pricing insurance policies and annuity contracts. Continue reading.