What If Life and Annuity Issuers Use Vendors With Bad AIs?
February 4, 2025 by Allison Bell
State insurance regulators are now looking hard at use of artificial intelligence tools and other high-tech tools at life and annuity issuers’ vendors.
A team at the National Association of Insurance Commissioners wants to keep the issuers from using bad analysis without knowing it — or evading responsibility for intentional deception or unfair discrimination by outsourcing the AI work.
The NAIC’s Third-Party Data and Models Task Force is developing a framework for the regulatory oversight of the data files, predictive models and related tools that insurers get from outside sources.