The New York State Department of Financial Services will now allow life insurers to use social media data and other forms of information to help set premium rates, The Wall Street Journal reports. Life insurers are permitted to incorporate this information into their processes as long as they can prove their algorithms are not biased against any marginalized groups. New York Financial Services Superintendent Maria Vullo said the department’s goal is to create a set of ground rules before the use of social media data becomes more widespread. Meanwhile, ride-hailing companies in New York City face new requirements to hand over more data to the city’s Taxi and Limousine Commission. (Registration may be required to access this story.)
If you want to comment on this post, you need to login.