Insurance Bulletin No. 229: The Use of Artificial Intelligence Systems in Insurance (Vermont adoption of the NAIC Model Bulletin)

Summary

The state insurance regulator has issued a bulletin, based on the NAIC Model Bulletin on the Use of AI Systems by Insurers, reminding insurers that decisions affecting consumers that are made or supported by AI systems must comply with existing insurance law, including unfair trade practice and unfair discrimination law. Vermont's Department of Financial Regulation issued Insurance Bulletin No. 229 on March 12, 2024, principally adopting the NAIC model. It sets expectations for how insurers govern the development, acquisition and use of AI systems and describes the information the Department may request during an investigation or examination. This record covers that sectoral guidance; whether the state has a general AI statute was not re-read in this check.

Key dates

1. March 12, 2024 (date of issue)Takes effect
2. October 16, 2026Checked against sources
3. October 21, 2026Checked against sources

Developments are added when the record is reviewed. Next review: January 15, 2027.

Evidence

Each passage is quoted from its source. The quoted passages are re-checked against the live pages every month.

1. Insurance Bulletin No. 229 The Use of Artificial Intelligence Systems in Insurance March 12, 2024

   Supports: Bulletin number, title and date

   Insurance Bulletin No. 229: The Use of Artificial Intelligence Systems in Insurance Vermont Department of Financial Regulation Primary source

2. Today the Vermont Department of Financial Regulation announced the issuance of Bulletin 229, principally adopting the National Association of Insurance Commissioners (NAIC) Model on the Use of Artificial Intelligence (AI) Systems by Insurers.

   Supports: Adoption of the NAIC model

   DFR Issues Comprehensive Bulletin on Use of AI Systems in the Business of Insurance Vermont Department of Financial Regulation Primary source