New York state issues regulations for insurers using non-traditional data scoring

After an 18-month investigation involving interviews with 160 life insurance companies, in January 2019 New York Financial Services, the state's top financial regulator, announced it would allow life insurers to use data from social media and other non-traditional sources to set premium rates for its customers. Insurers will be required to demonstrate that their use of the information doesn't unfairly discriminate against specific customers. New York is the first state to issue specific guidance in this area; regulators said they wanted to establish rules before use of such information becomes widespread.

https://www.wsj.com/articles/new-york-insurers-can-evaluate-your-social-media-useif-they-can-prove-why-its-needed-11548856802

Writer: Leslie Scism

Publication: Wall Street Journal

Publication date: 2019-01-30