New York Department of Financial Services Addresses Use of External Consumer Data and Information Sources in Underwriting for Life Insurance: NYDFS Issues Circular Letter on the Use of External Consumer Data and Information Sources in Underwriting for Life Insurance

Sullivan & Cromwell LLP - February 27, 2019
Read More

On January 18, 2019, the New York Department of Financial Services issued a Circular Letter addressing the use of external consumer data and information sources, including data used in algorithms and predictive models, by life insurers licensed in New York. The Circular Letter provides guidance for compliance with unlawful discrimination laws, and outlines the consumer disclosures required, in connection with the use of external data sources.