Oklahoma Insurance Commissioner Issues Bulletin on Use of AI

Oklahoma Insurance Commissioner Glen Mulready issued a bulletin providing insurers with regulatory guidance connected the usage of artificial intelligence.

The bulletin, which was adopted by the National Association of Insurance Commissioners (NAIC), outlines expectations connected the ethical usage of AI.

The bulletin emphasizes the value of fairness, accountability, transparency, and adherence to authorities laws to mitigate risks associated with AI-driven decision-making and to support user interests.

“With caller technologies comes the work to guarantee Oklahoma’s manufacture innovates portion maintaining user protection,” said Commissioner Glen Mulready. “We anticipation to spot artificial quality utilized to summation efficiencies and amended wide experiences.”

Key guidance from the bulletin includes:

• Reminds insurers that decisions supported by AI systems indispensable comply with each applicable security laws and regulations.
• Encourages innovation portion recognizing imaginable risks specified arsenic inaccuracies, unfair discrimination, information vulnerability, and deficiency of transparency.
• Sets distant the Department’s expectations regarding the kinds of accusation and documents astir an insurer’s AI systems that the Department would expect to beryllium produced upon request.
• Outlines circumstantial guidelines for governance structures, accountability, monitoring, audit protocols, and grooming wrong the AIS Program.

Source: Oklahoma Insurance Department

Topics InsurTech Data Driven Artificial Intelligence Oklahoma