NYDFS Insurance Circular Letter No. 7 (2024) — AI Systems and External Consumer Data in Insurance Underwriting and Pricing

NYDFS Insurance Circular Letter No. 7 (2024) — AI Systems and External Consumer Data in Insurance Underwriting and Pricing

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NYDFS Insurance Circular Letter No. 7 (2024) — AI Systems and External Consumer Data in Insurance Underwriting and Pricing

New York Department of Financial Services Insurance Circular Letter No. 7 of 2024. Sets out NYDFS's supervisory expectations for insurers using AI systems and external consumer data sources in underwriting and pricing — including explainability of consumer-impacting decisions, proxy-discrimination monitoring against historically discriminated-against groups (race, ethnicity, class), active…

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