The regulatory landscape is changing rapidly, with both state and national bodies adapting to keep pace with technological advancements. The National Association of Insurance Commissioners (NAIC) has been active in developing guidance on AI, and states like California and New York have created their own regulations.

“There’s a blend of excitement and fear,” says Rodebaugh. “Some are embracing the changes, while others have a sense of uncertainty.”

One significant shift involves the modernization of NAIC’s System for Electronic Rate and Form Filing (SERFF), a multi-year project expected to overhaul how filings are submitted and reviewed. Additionally, states like Louisiana have expanded financial reporting obligations for MGAs, signaling a trend towards increased scrutiny and transparency.

“The MGA sector is growing, and we expect increased regulatory scrutiny,” Martin says. “It’s all about ensuring transparency and compliance as MGAs take on more responsibility.”

With more states considering similar legislation, insurers need to stay vigilant and prepared for changes. This involves staying informed on regulatory updates and assessing how new rules could impact their product strategies and compliance processes.

Key Takeaways:

• Regulatory bodies are increasingly focusing on AI and technological compliance.
• The NAIC’s SERFF modernization project will significantly change filing processes.
• Insurers should prepare for potential new state regulations, particularly around MGAs and compliance.

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