According to an article on The National Law Review, the New York Department of Financial Services (DFS) issued new guidelines on July 11, 2024, for the use of AI in insurance underwriting and pricing. The guidance mandates insurers to establish a governance framework for AI oversight, ensuring board-level responsibility and mitigating risks of bias and discrimination. Insurers must document their AI systems' development and use, maintain transparency with consumers, and comply with the DFS's comprehensive assessment requirements to prevent unfair discrimination.