Locke Lord’s Regulatory and Transactional Insurance Practice Group has teamed with Novarica, a leading insurance industry technology research, advisory services and consulting firm, to address the impact of evolving insurance regulation on information technology systems of insurance and reinsurance companies. Atlanta Partner Brian Casey, Co-Leader of Locke Lord's Regulatory and Transactional Insurance Practice Group, Hartford Office Managing Partner Ted Augustinos, member of the steering committee of the Firm’s Privacy and Cybersecurity Group, and Chicago Partner Ben Sykes co-authored the first installment of a quarterly report with Novarica on insurance technology strategy and regulatory compliance.
Casey examines challenges in complying with New York State Department of Financial Services (NYDFS) cybersecurity regulation’s requirements of covered persons related to third-party service providers. Augustinos discusses the California Consumer Privacy Act of 2018 and its relation to the Gramm-Leach-Bliley Act governing data sharing by financial institutions. Sykes provides analysis of NYDFS regulations on AI and machine learning in the life insurance space.
To read the full report, click here.