Law and regulation

(Bloomberg) --California's insurance commissioner announced a new regulatory plan backed by the industry that would allow insurers to factor future climate risks into their pricing and require them to offer more coverage in fire-prone areas.

The CEOs of Alphabet Inc., Microsoft Corp., Meta Platforms Inc. and OpenAI were invited to appear alongside rivals and industry critics to discuss possible guardrails for AI that balance the risks and rewards of the technology.

The US Department of Labor has until December to tell Congress whether to update a policy advising pension plans to choose the "safest" option when transferring obligations — unless doing otherwise would be in the interest of participants.

US lawmakers on Thursday questioned how new rules for artificial intelligence can protect against the technology's risks without reinforcing the early advantages enjoyed by tech giants such as Microsoft and Google.

Digital Insurance spoke with Sarah Downey, managing director, blockchain advisory leader and financial services claims leader at Lockton Companies, the global insurance brokerage firm.

At an April 6 meeting, stakeholders in implementing a new state law discussed early requirements and more.

The NAIC is drafting a model bulletin on artificial intelligence use and Colorado continues to move forward with its rulemaking under the Colorado Privacy Act.

The Colorado Division of Insurance proposed new rules that would require state-licensed life insurers to provide an inventory of all AI models they use.

While depositors will be made whole under an extraordinary move by regulators, a fire sale of the entire bank and advisors fleeing to competitors create new challenges.

The Biden Administration should investigate and regulate how companies use technology to surveil and punish workers.

Protecting cryptocurrency companies is a challenge for commercial insurers.

The model law establishes regulatory standards for the pet insurance industry.

After reviewing the claims data from 2019 to 2021, Embroker uncovered some interesting trends and shifts that can help insurers predict the types of claims that businesses will most likely continue to see in 2022.

The most common reason why business executives didn’t purchase executive risk coverages, like D&O, EPL and Fiduciary Liability, was that they didn’t believe the company was big enough to need it, according to a recent study from Coalition, a commercial insurtech.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

A group of the world's biggest insurers and reinsurers jointly pledging to eliminate greenhouse gas emissions from their underwriting activities have run into an unexpected opponent of their planet-friendly mission: competition law.

Using the right advanced technologies, litigation analytics can give you insights into legal cases and trends that were previously unknowable to provide better legal advice, develop better litigation strategies and win more cases.

The final standards, which govern the release of carbon dioxide from the tailpipes of cars and light trucks, roughly translate into fleet-wide fuel economy values of 55 miles (89 kilometers) per gallon in model year 2026.

In an agenda released on Tuesday, the Federal Reserve and other regulators outlined what issues they plan to focus on as they consider rules for how banks interact with cryptocurrencies. Their priorities include weighing custody, crypto-backed loans and the possibility of capital standards, according to a joint statement.

Cryptocurrencies have faced a bumpy road to gaining acceptance from the U.S. financial system.