State Insurance Regulators Post AI Principles Draft

One is the Organisation for Economic Co-operation and Development’s Artificial Intelligence Principles.

The other is a draft document developed by the North Dakota Insurance Department.

In the North Dakota draft document, which is the basis for what the working group has posted on its website, the drafters start by declaring that AI systems efforts should be fair and ethical, and accountable.

“AI actors should respect the rule of law throughout the AI lifecycle,” according to the draft text. “This will include,but is not limited to, laws and regulations relating to trade practices,discrimination, promotion of fair access to insurance, underwriting and eligibility practices, ratemaking standards, advertising decisions, claims practices and solvency.”

In the section on accountability, the drafters state that, “AI actors should be accountable for the proper functioning of AI systems and compliance with all stated principles, consistent with the actors’ roles, the situational context, and evolving best practices…. Stakeholders should have access to resources which provide accurate information about their insurance data as well as a way to inquire or seek recourse for AI-driven decisions. This information should be plain, easy-to-understand and describe the factors that lead to the prediction, recommendation or decision.”

Resources

AI Working Group documents are available here, under the Meeting Materials and Exposure Drafts tabs.

—Read New York Regulators Roll Eyes at ‘Proprietary’ Accelerated Life Underwriting, on ThinkAdvisor.

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