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Commissioner Andrew Mais Addresses OECD-ADBI Roundtable on Insurance and Retirement Savings in Asia
On June 29, 2021, NAIC Secretary-Treasurer and Connecticut Insurance Commissioner Andrew Mais participated virtually in the Organisation for Economic Cooperation and Development (OECD)-Asian Development Bank Institute (ADBI) Roundtable on Insurance and Retirement Savings in Asia. He spoke to more than 320 registrants from 60 jurisdictions on the “Emerging technologies and innovation: opportunities and challenges” panel.
He shared with the group, the U.S. state insurance regulatory experience with regards to Artificial Intelligence, and the concerns around inappropriate uses of Big Data that might disadvantage people of color and/or historically underrepresented groups.
Furthermore, he discussed the recent notice issued by the Connecticut Insurance Department (CID) to insurers licensed by the Department that their use of technology and Big Data must be in full compliance with Federal and State anti-discrimination laws.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.