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Massachusetts Regulatory Guidance on Artificial Intelligence Systems in Insurance

MA| The Massachusetts Division of Insurance Bulletin 2024-10 outlines regulatory expectations for insurers using Artificial Intelligence (AI) systems in Massachusetts. It emphasizes compliance with existing laws, fairness, transparency, and accountability to mitigate risks such as unfair discrimination, inaccuracies, and adverse consumer outcomes. Insurers are required to establish a formal AI Systems (AIS) Program addressing governance, […]

California Announces Addition to its List of Approved Surplus Line Insurers

CA | The Surplus Line Association of California has issued Bulletin #1489 announcing that the California Department of Insurance (CDI) has updated the List of Approved Surplus Line Insurers (LASLI) to reflect the addition of Oklahoma Specialty Insurance Company (Oklahoma) effective December 5, 2024. Click here to view the original Bulletin.

Maryland Issues Bulletin Concerning Pet Insurance

MD | The Maryland Insurance Administration has issued a bulletin informing property and casualty insurance carriers and producers about new regulations for pet insurance sales, effective January 1, 2025. The law, codified as Title 19, Subtitle 11 of the Insurance Article, requires pet insurers to provide specific disclosures to consumers, including information on policy exclusions, […]

California Announces Three New Annuity Suitability – “Best Interest Standard” in Annuity Transactions Four-Hour Course Curricula are Available

CA | Effective January 1, 2025, a new law will require new annuity four-hour training. This new law amends California Insurance Code section 10509.915 and it includes the new Insurance Code section 10509.919 in SB 263, which makes the existing Article 9 “Suitability Requirements for Annuity Transactions,” Sections 10509.910 through 10509.918, applicable to recommendations and […]

Alaska Issues Notice of Public Meeting

AK | The Alaska Division of Insurance has issued a Notice that the Workers’ Compensation Review and Advisory Committee’s first quarterly meeting of 2025 will be held January 16th at 10:00 am at the Anchorage Marriott Downtown, 820 W 7th Ave, Anchorage, Alaska (907-279-8000). The purpose of the meeting is to discuss matters relating to […]

Illinois Issues Company Bulletin Regarding Autism Spectrum Disorder Coverage

IL | The Illinois Department of Insurance has issued Company Bulletin 2024-17. The purpose of this Bulletin is to provide guidance to remind issuers that Public Act 102-0322, which took effect January 1, 2022, states: “An insurer may not deny or refuse to provide otherwise covered services under a group or individual policy of accident […]