11/07/2023
AITC Submits Comment Letter Re: The Revised NAIC Model Bulletin: Use of Algorithms, Predictive Models, and Artificial Intelligence Systems By Insurers.
AITC comments include the need for a confidential self-audit of AI processes that would provide a framework for self-examination (including third-party providers) and, where necessary, remedial action; the need for a third-party vendor oversight process that should give insurance carriers and third party vendors an opportunity to develop approaches that ensure the transparency that regulators expect while also ensuring legitimate IP concerns; and proposing that the NAIC utilize a pilot project approach to develop a deeper understanding of how AI is utilized in practice, including companies’ risk management practices.
Link to letter:
November 6, 2023 Commissioner Kathleen Birrane Chair, Innovation, Cybersecurity, and Technology (H) Committee National Association of Insurance Commissioners 1100 Walnut Street, Suite 1500 Kansas City, MO 64105 Re: Revised NAIC Model Bulletin: Use of Algorit
