Recent legislation will not magically bring insurance companies back to the market overnight, but it can bring short-term relief and long-term stability.
The company said the move will affect only Farmers-branded policies and will not affect policies sold in Florida by subsidiaries Foremost and Bristol West.
The legislation adopts a national model for insurer cybersecurity mandating that insurance entities implement new cybersecurity protections to better safeguard nonpublic information from nefarious threat actors.
While federal agencies have been quite vocal about the fact that AI is already regulated in the U.S., states are seeing openings to address the technology's risks for themselves.