NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting
Posted on Jul 17, 2017 in Financial Services, Insurance | Comments Off on NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting
On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies authorized to write life insurance in New York (the 308 Request) requesting information about how they use “external consumer data” and algorithms in their underwriting processes. Under Section 308, NYDFS has broad authority to make inquiries to any licensed insurer in relation to its “transactions or condition or any matter connected therewith.”
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