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Issue: 2025 Vol. 30 No. 1

New York State Insurers’ Considerations in Using Artificial Intelligence in Underwriting or Pricing

The New York Department of Financial Services (DFS), which regulates insurers, issued a final Circular Letter No. 7 on July 11, 2024, titled, “ Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the “Circular Letter”).1 This Circular Letter was addressed to all insurers authorized to write insurance … Continued