NY regulators focus on potential for AI discrimination by insurers
January 23, 2024 by John Hilton
Citing concerns over “systemic biases” creeping into insurance, New York State regulators are taking the first steps toward regulating the use of artificial intelligence.
Superintendent of Financial Services Adrienne A. Harris issued for public comment a proposed circular letter addressing the use of AI by licensed insurers. In the Jan. 17 letter, regulators focus on underwriting and pricing, warning of the risk of “unfair adverse” effects stemming from the use of AI and external consumer data and information sources (ECDIS).