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PolicyFinanceNew YorkConfirmed

New York regulator sets AI fairness and testing expectations for insurers

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Source: New York State Department of Financial Services

The New York Department of Financial Services issued Insurance Circular Letter No. 7 on 11 July 2024 on insurers’ use of AI systems and external consumer data in underwriting and pricing. Insurers should test for unfair discrimination before deployment and regularly after, keep board-level oversight and written policies, stay responsible for vendor tools, and tell consumers which data drove an adverse decision. Applicants moved out of an AI-based process should get written notice within 15 days.

Why it matters

Insurers writing business in New York were expected to prove that AI pricing and underwriting tools do not discriminate, and could not cite a vendor’s proprietary model to avoid explaining decisions.

When
11 Jul 2024
ID
WTA-N-2024-0110
Who
New York Department of Financial Services

Summary by wheresthe.ai, from New York State Department of Financial Services. Checked against the source on 9 Oct 2026.

Read the original at New York State Department of Financial Services

Source copy: download the page text as saved on 18 Oct 2026 (PDF). Also held by the Internet Archive.

Cite this story

WTA-N-2024-0110: “New York regulator sets AI fairness and testing expectations for insurers.” wheresthe.ai, 11 Jul 2024. https://wheresthe.ai/d/us-ny-dfs-insurance-ai-circular-letter-7-2024-07/ (source: New York State Department of Financial Services).

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