Center Asks NAIC to Look for Racial Bias in Life Insurers’ Methods
June 24, 2020 by Allison Bell
The Center for Economic Justice says that, if state insurance regulators are serious about fighting systemic racial bias, they should take a close look at new life insurance underwriting strategies.
The center is calling for regulators to verify that the new data sources, data analysis rule sets, and “artificial intelligence” programming techniques are fair to black people.
Regulators should also verify that the new underwriting strategies are fair to members of other classes of people who, under federal law, are supposed to be protected against unfair discrimination, the center says in a new comment letter.
- A copy of the Center for Economic Justice comment is available here.
- An article about the American Council of Life Insurers’ efforts is available here.