The American InsurTech Council (AITC) has submitted a regulatory framework proposal to the National Association of Insurance Commissioners (NAIC) Third Party Data and Models Task Force.

The use of credit data in insurance underwriting and pricing is a sensitive area that is heavily regulated to ensure fairness and transparency. Insurance companies must implement comprehensive compliance monitoring systems, maintain detailed documentation of credit-based decisions, and regularly update policies to reflect new regulatory requirements and industry best practices.

Change is likely coming to the Securities and Exchange Commission’s (SEC) enforcement priorities with the pending handover of the White House to Republican President-elect Donald Trump. Adjust your compliance priorities accordingly.

Dozens of laws, regulations, statutes and other guidance have been issued on data protection and privacy by the federal government, many states and local municipalities over the past several years. Considering the growing pressure on business leaders to protect the confidentiality, integrity and availability of personally identifiable information, it's essential that CIOs and other IT leaders are aware of and conform to the requirements in that legislation.