WASHINGTON, D.C. (PRWEB) November 17, 2016
At the National Conference of Insurance Legislators (NCOIL) 2016 Annual Meeting, the American Insurance Association (AIA) will emphasize that legislators studying the underwriting use and rating of “Big Data” need to identify the types of data being targeted and articulate the abuse they’re hoping to avoid. It is expected that legislators will discuss the development of a “Big Data” Model Law during the event's Property-Casualty Insurance Committee meeting. AIA will caution against disrupting existing regulatory frameworks which address the use of data in underwriting.
“The foundation of insurance is and has always been the ability to properly use data to underwrite and price risk,” said Ron Jackson, AIA Vice President for State Affairs, Southeast Region. “Insurers follow strict regulatory guidelines, set by state regulators that protect consumer privacy and ensure product innovation. Any proposed Model Law should avoid disrupting this framework. That is why it is crucial for NCOIL to identify the types of data being studied.”
The Property-Casualty Committee will also receive an educational briefing on asbestos bankruptcy trust transparency from Mark Behrens of Shook, Hardy & Bacon L.L.P. “AIA welcomes Mark’s presentation and we look forward to the Committee’s discussion on this important issue. Asbestos trust claim manipulation and abuse needs to be addressed and AIA remains committed to working with the business community to fight this problem,” said Eric Goldberg, AIA Vice President for State Affairs, Mid-Atlantic Region.
NCOIL’s Annual Meeting will be held in Las Vegas, Nevada, on November 17-20.