The National Association of Insurance Commissioners (NAIC) has expanded its multistate pilot program evaluating insurers' use of artificial intelligence, broadening the scope of regulatory review to include additional machine learning models and reinforcing AI oversight as part of existing financial and market conduct examinations.
In a Law360 article discussing the initiative, Greenberg Traurig Shareholder and Global Insurance Regulatory and Transactions Practice Group Chair Fred Karlinsky noted "This is a learning process and an evolution process, and this is not a standalone process. It's part of the overall regulatory ecosystem, which is why there's a notion that this is part of the financial and market reviews of companies."
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Read "NAIC Expands Insurer AI Evaluation Pilot To Machine Learning." (subscription)