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NY DFS Jumps on the AI Bandwagon by ‎Issuing Proposed Guidance to ‎New York Licensed Insurers ‎Relating to Underwriting | Locke Lord LLP

On January 17, 2024, the New York Department of Financial Services (“NYDFS”) exposed for comment a proposed circular letter regarding “Use of Artificial Intelligence Systems and.

United statesNew yorkYork state fundYork department of financial servicesParty vendor oversightGroup incLocke lordNew york departmentFinancial servicesArtificial intelligence systemsExternal consumer dataInformation sourcesInsurance underwritingPredictive modelsArtificial intelligence systems by insurersQuantitative testing

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