New pumps by Medtronic are equipped with an auto-off feature that suspends insulin delivery if the user's blood sugar is below a certain threshold [1], however this is a rear-facing indicator and the patient will still experience a hypoglycemic event.
I assume the next logical steps towards making these systems fully autonomous is to remove the idealogical separation of basal and bolus insulin; instead, the system would register increases and decreases of blood sugar and take systematic steps towards bringing them back into a healthy range - much like a healthy pancreas does, either by increasing or decreasing the amount of insulin being delivered at a given time. That way a patient can eat, exercise, and live a "normal" lifestyle while the pump takes care of delivering the correct amount of insulin.
[1] http://www.medtronicdiabetes.com/products/minimed-530g-diabe...