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AIA proposes regulation waiver for ‘innovative’ products, technology

Posted: December 12, 2017


The American Insurance Association (AIA) unveiled new model legislation to state insurance commissioners that would relieve some regulatory hurdles for insurers that want to test new products and technologies.

AIA presented its proposal to the National Association of Insurance Commissioners (NAIC) Innovation and Technology Task Force.

According to a statement, AIA is asking state insurance commissioners to consider the new model legislation that it says combines innovation, regulation, and consumer protection, while still meeting the evolving demands of consumers.

newsAccording to AIA, the U.K., Singapore, and Australia have already adopted such legislation.

The AIA model legislation would give state insurance regulators the freedom to waive some regulatory requirements for insurers who want to test innovative new products and technologies.

“With the U.S. at risk of falling behind other countries, AIA believes it is time for our regulatory system to adapt to our ever-changing, technology-driven world,” said AIA Senior Vice President for Public Policy Mike O’Malley. “This model bill would enable regulators to play an active role in overseeing the testing and implementation of the innovative insurance technologies, products, and services that consumers are demanding, without sacrificing prudent consumer protections.”

O’Malley added that AIA’s proposal would preserve a level, competitive playing field and begin the process of identifying regulatory hurdles to innovation. He said the AIA would work with the NAIC and state legislators to advance this proposal in the coming months.

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