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With New Congress, Passage of Draft Legislation Impacting the Insurance Sector’s Use of Big Data Is Possible

January 20, 2021

This brief written by legal experts at Cooley discusses the potential impact on the insurance industry that would occur with the passage of the draft Data Accountability and Transparency Act of 2020. Now that Democrats are in control of Congress, Senator Sherrod Brown and his co-sponsors may have more opportunity to pass privacy-focused legislation; regardless regulators like the NAIC and state DOI's are moving in this direction.

In this same vein, research institutions have published many compelling pieces recently. Stanford's HAI summarized the AI provisions from the National Defense Authorization Act, which requires a briefing to Congress that will educate lawmakers on the topic of AI and assigns NIST to develop an AI Risk Management Framework. Meanwhile, the Brookings Institute anticipates 2021 to be a "foundational year" for governance of AI and argues for the revival of the US Office of Technology Assessment to lead that effort.

Regulation & Legislation