All posts by Cooley

NAIC Creates Working Group to Examine Accelerated Life Underwriting

Accelerated underwriting is one of the fastest growing sectors of the life insurance industry and has allowed both traditional life insurance companies and insurtechs to forego medical exams to reduce the life insurance underwriting process from as long as 12 weeks down to 48 hours. However, as accelerated underwriting has […]

NAIC Announces AI Principles at National Meeting

From the use of neural networks that identify fraudulent claims, to the adoption of chatbots that help respond to policyholder questions, artificial intelligence has the potential to transform the insurance industry by automating and streamlining a wide range of insurance processes. AI, however, is not without regulatory risk, and the […]

Data Privacy Draws Increased Scrutiny From Insurance Regulators

Data privacy has become an increasing area of focus for many of our insurtech clients as they work to ensure they are in compliance with the EU General Data Protection Regulation and the California Consumer Privacy Act, which will go into effect on January 1, 2020. Although many insurtechs are […]

Representation & Warranty (R&W) Insurance – Current Market Trends

Over the last decade the use of R&W insurance in merger and acquisition transactions has grown exponentially. From 2008 to 2018, the total R&W policies bound per year in North America rose from 40 deals, providing $541 million of coverage to 1500+ R&W insurance transactions, providing aggregate coverage of $38.6 […]

D&O Coverage for Cyber and Privacy Related Exposure

It goes without saying that cybersecurity is a top D&O liability concern for organizations today. According to Willis Towers Watson’s 2018 Management Liability (Directors and Officers) U.S. Survey, respondents cited cyber risks as the most concerning D&O risk for 2019. This is not at all surprising given the many recent […]

Big Data and Insurance – The Regulatory Approval Process for Insurtech Data Models

Data is often the key ingredient to an insurtech’s success. From the use of drone data to automatically pay insurance claims after a hurricane, to AI that can predict the likelihood of insurance fraud – big data has the potential to revolutionize the insurance industry. But before an insurtech can […]

NYDFS Guidance to Insurers to Pay Abuse Claims

The New York Department of Financial Services (DFS) has issued an industry guidance to all insurers, licensed producers, adjusters and reinsurers in light of the statute of limitations window that has been opened in New York for child abuse victim claims, advising all of the above parties that the DFS […]

NAIC Set to Revise Anti-Rebating Laws

As part of our insurtech practice, we are frequently asked to advise on state insurance anti-rebating laws. These laws prohibit insurance companies or brokers from providing policyholders with anything of value (above certain de minimis thresholds) that is not specifically included in the terms of the policy, as an inducement […]

The future of insurance regulation in a time of technological change: a perspective from the NAIC’s Spring Meeting 2019

A key part of the counsel we provide to our insurtech clients is assisting them in navigating the insurance regulatory landscape, with 50 separate state-based legal systems regulating the insurance industry. While having to comply with 50 separate laws every time you make a business decision can appear to be […]

The end of auto insurance as we know it: How big data will reshape the future of the autonomous vehicle insurance market

Despite the recent wave of articles forecasting that the rise of autonomous vehicles will lead to a decline in auto insurance premiums, we believe it is more accurate to say that the advent of self-driving cars will cause the personal auto insurance policy, as we know it, to disappear at […]