NYDFS Issues Final Circular Letter Guidance on Use of AI in Insurance Underwriting and Pricing

On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the “Circular Letter”). The Circular Letter details NYDFS’ expectations and guidelines for the use of artificial […]

The post NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing appeared first on Alston & Bird Privacy, Cyber & Data Strategy Blog.

Our Privacy, Cyber & Data Strategy Team explores new guidance from the New York Department of Financial Services for covered entities to combat what it considers the most pressing cybersecurity risks of artificial intelligence (AI).