On Friday, July 26 at 11:00am EDT, Eric Dinallo from Debevoise’s Insurance Regulatory practice joined Avi Gesser and Sharon Shaji from the firm’s Data Strategy and Security practice, for a debrief on the final version of Insurance Circular No. 7, which sets out detailed requirements for insurance companies operating in New York that use AI or external data relating to board and senior management oversight, policies, risk assessments, transparency, auditing, bias testing, documentation, and vendor risk management.
The Final Circular was released by the New York State Department of Financial Services, “NYDFS”, on July 11, 2024 and is a significant regulatory development in artificial intelligence for insurers. During the webcast, we discussed:
- The most important requirements in the Final Circular;
- Significant changes made from the Proposed Circular;
- Clarifications as to the scope of the Final Circular;
- How the testing requirements may work in practice; and
- Tips for companies trying to ensure compliance
To sign up for the on-demand recording, please click here.
To read our thoughts on the Final Circular, click here.
To view previous webcasts, click here.
The cover art used in this blog post was generated by DALL-E.
