The New York State Department of Financial Services proposed guidance on the use of "artificial intelligence systems and external consumer data and information sources in insurance underwriting and pricing."
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The New York Department of Financial Services recovered more than $60 million as a result of consumer and health care provider complaints filed in 2021.
Treasury's Federal Insurance Office joined the "Network of Central Banks and Supervisors for Greening the Financial System." FIO said it will issue a climate report on insurance supervision and regulation by the end of the year.
The New York State Department of Financial Services issued final guidance on how domestic insurers should address material climate change-related financial risks.
The Treasury's Federal Insurance Office requested public input to help "inform FIO’s assessment of the implications of climate-related financial risks for the insurance sector."