NAIC Reviews AI Oversight at the OECD
On Sept. 11, in Paris, France, at the Organisation for Economic Co-operation and Development’s (OECD) Working Party on Insurance and Pensions, Nebraska Department of Insurance Director Eric Dunning, chair of the NAIC’s International Insurance Relations (G) Committee, provided an update on U.S. state insurance regulators’ efforts in overseeing the implementation of artificial intelligence (AI) among insurers.
Director Dunning highlighted four specific areas: further adoption of the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers; continued work on the oversight of third-party AI systems; the enhancement of data privacy; and the improvement of regulator education and training.
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.