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The Accelerated Underwriting (A) Working Group of the Nationwide Affiliation of Insurance coverage Commissioners (“NAIC”) met on April 3, 2024, to debate its workplan for finalizing proposed regulatory steerage for approval on the Summer time Nationwide Assembly in August. A drafting group consisting of regulator representatives will spend the subsequent few weeks revising the prior draft steerage in mild of public feedback beforehand obtained and to replicate the outcomes of the Life AI/ML Survey[1] and the AI Model Bulletin[2] launched and adopted respectively eventually 12 months’s Fall Nationwide Assembly in December. Procedurally, it’s anticipated that the working group will expose model 2.0 of the draft steerage close to the tip of April for a 30-day public remark interval expiring in Might. This shall be adopted by a model 3.0 in June uncovered for a further open remark interval adopted by last public publicity in July and approval by the working group in August such that the Life & Annuities (A) Committee could undertake the ultimate model on the Summer time Nationwide Assembly in August.
The working group additional seeks to finalize for approval on the Summer time Nationwide Assembly a referral to the Market Conduct Examination Tips (D) Working Group to incorporate further steerage within the NAIC Market Regulation Handbook to alert market conduct examiners to novel information sources, methodologies, and processes life insurers could make the most of in accelerated underwriting and advocate supplies that examiners ought to overview, e.g., disclosures, supply information, in addition to testing and/or auditing insurance policies and procedures.
The working group is conscious of the work of different NAIC working teams and activity forces whose expenses additionally relate to accelerated underwriting, together with the newly fashioned Third-Get together Knowledge and Fashions (H) Activity Pressure.
Locke Lord will proceed to observe accelerated underwriting, large information, and predictive modeling developments on the NAIC. In case you have any questions, please attain out to the writer or your Locke Lord companion.
[1] NAIC Employees Report: Life Insurance coverage Synthetic Intelligence/Machine Studying Survey Outcomes.
[2] NAIC Mannequin Bulletin: Use of Synthetic Intelligence Techniques by Insurers.
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