On August 9, 2024, the West Virginia Workplace of the Insurance coverage Commissioner issued Bulletin 24-06 on Synthetic Intelligence Programs (“Bulletin”). The Bulletin is relevant to “all insurers licensed to do enterprise in West Virginia.” The Bulletin doesn’t undertake your complete NAIC Mannequin Bulletin on the Use of AIS by Insurers (“NAIC Bulleting”) verbatim; nonetheless, the language and ideas included within the Bulletin and largely monitor the NAIC Bulletin and sometimes verbatim. For instance, similarities between the 2 bulletins embody:
- Definition of AI Programs
- Recognition of the NAIC Ideas of Synthetic Intelligence adopted by the NAIC in 2020
- AIS Program – Normal Pointers
- AIS Program Governance Pointers
- Threat Administration and Inside Controls Pointers
- Third-Occasion AI Programs and Knowledge Pointers
The Bulletin differs from the NAIC Bulletin, for instance, as follows:
- Leaves out a lot of the language within the NAIC Bulletin referring to “Introduction, Background, and Legislative Authority,” however does reinforce the concept current legal guidelines apply to the usage of AI Programs by insurers.
- Leaves out the part within the NAIC Bulletin on “Regulatory Oversight and Examination Concerns.” Nevertheless, the Bulletin incorporates language reiterating the Workplace of the Insurance coverage Commissioner’s authority to have a look at an insurer’s use of AI Programs by way of investigations and market conduct examinations.
Read the West Virginia Bulletin.
Please discuss with checklist of AI Insurance coverage Steering under.
NAIC AI Mannequin Bulletin – Adopted States
- Alaska: Bulletin B 24-01 – Adopted February 1, 2024
- Arkansas: Bulletin 13-2024 – Adopted July 31, 2024
- Connecticut: Bulletin No. MC-25 – Adopted February 26, 2024
- DC: Bulletin 24-IB-002-05/21 – Adopted Might 21, 2024
- Illinois: Firm Bulletin 2024-08 – Adopted March 13, 2024
- Kentucky: Bulletin No. 2024-02 – Adopted April 16, 2024
- Maryland: Bulletin No. 24-11 – Adopted April 22, 2024
- Michigan: Bulletin2024-20-INS – Adopted August 7, 2024
- Nebraska: Steering IGD-H1 – Adopted June 11, 2024
- Nevada: Bulletin 24-001 – Adopted February 23, 2024
- New Hampshire: Bulletin Docket #INS 24-011-AB – Adopted February 20, 2024
- Pennsylvania: Insurance coverage Discover 2024-04, 54 Pa.B. 1910 – Issued April 6, 2024
- Rhode Island: Insurance coverage Bulletin No. 2024-03 – Issued March 15, 2024
- Vermont: Insurance coverage Bulletin No. 229 – Adopted March 12, 2024
- Virginia: Administrative Letter 2024-01 – Issued July 22. 2024
- Washington: Technical Help Advisory 2024-02 – Adopted April 22, 2024
Different AI Insurance coverage Division Steering
- Colorado: Bulletin B-10.003 – Issued Might 24, 2024
- Colorado: Bulletin B-10.001 – Issued December 4, 2023
- Colorado: 3 CCR 702 Reg. 10-1-1 et seq. – Dated July 23, 2023
- Colorado: Colo. Rev. Stat. s 10-3-1104.9 – Efficient November 14, 2023
- New York: DFS Round Letter No. 7 – Issued July 11, 2024
- New York: DFS Proposed Insurance coverage Round Letter – Issued January 17, 2024
Please contact your Locke Lord LLP lawyer when you’ve got any further questions.
