- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-01-17T18:28:00
The New York State Department of Financial Services (NYDFS) issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence (AI) systems and other predictive technologies.
The proposed circular letter announced by the agency Wednesday outlines the NYDFS’s expectations for how insurers develop and manage technologies like AI to mitigate potential harm to consumers.
“Technological advances that allow for greater efficiency in underwriting and pricing should never come at the expense of consumer protection,” said NYDFS Superintendent Adrienne Harris in a press release. “DFS has a responsibility to ensure that the use of AI in insurance will be conducted in a way that does not replicate or expand existing systemic biases that have historically led to unlawful or unfair discrimination.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.
The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
Cyberattacks on artificial intelligence systems are increasing, so it’s important users know their vulnerabilities and try to soften the damage if they get hit, according to a new report by the National Institute of Standards and Technology.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
