The American Association of Insurance Services (AAIS) has announced the formation of three working groups to develop regulatory reporting applications for the openIDL blockchain platform. The working groups will focus on auto, homeowners and flood insurance.
AAIS is a non-profit advisory organization serving the Property and Casualty insurance industry. It collates data from the insurance sector and analyzes it to provide loss reports and rating information to carriers and state regulators.
The open Insurance Data Link (
openIDL) system built on Hyperledger Fabric, is a blockchain platform developed for the regulatory reporting process. For personal property-casualty insurance products in the U.S, about half of the states require insurers to file rates and to receive prior approval before rate or policy form filings go into effect. The National Association of Insurance Commissioners (NAIC) has a Model Rating law which also requires insurers to report data to statistical agents such as the AAIS.
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