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.
Writer: Leslie Scism
Publication: Wall Street Journal
Publication date: 2019-01-30