INFORMATION TECHNOLOGY
European Insurance Authority (EIOPA): the Opinion on the application of the Artificial Intelligence Regulation to the insurance sector is in public consultation.
The European Insurance and Occupational Pensions Authority (EIOPA) has put its Opinion on the governance and risk management of artificial intelligence for public consultation, which provides guidance to supervisors and insurance undertakings on how to interpret and implement the provisions of the insurance sector in light of the use of AI systems in the insurance sector.
EIOPA's opinion provides further clarity on the fundamental principles and requirements provided for in insurance industry legislation that should be taken into account in relation to the use of AI systems.
It applies to those AI systems that are not considered prohibited or high-risk AI practices under the AI Act.
While insurance legislation applies to all AI systems used in the insurance sector, to avoid regulatory complexity and overlap, the scope of the opinion does not cover prohibited AI practices or high-risk AI systems under the AI Act. It is based on the principle of proportionality and follows a principled approach, ensuring that it is flexible enough to adapt to technological and market developments over time.
The opinion is in line with the basic principles and requirements of the AI Act and other international initiatives in this area, such as those of the Organisation for Economic Co-operation and Development (OECD), the G20 or the International Association of Insurance Supervisors (IAIS), thereby supporting a harmonised approach.
EIOPA's opinion provides further clarity on the fundamental principles and requirements provided for in insurance industry legislation that should be taken into account in relation to the use of AI systems.
It applies to those AI systems that are not considered prohibited or high-risk AI practices under the AI Act.
While insurance legislation applies to all AI systems used in the insurance sector, to avoid regulatory complexity and overlap, the scope of the opinion does not cover prohibited AI practices or high-risk AI systems under the AI Act. It is based on the principle of proportionality and follows a principled approach, ensuring that it is flexible enough to adapt to technological and market developments over time.
The opinion is in line with the basic principles and requirements of the AI Act and other international initiatives in this area, such as those of the Organisation for Economic Co-operation and Development (OECD), the G20 or the International Association of Insurance Supervisors (IAIS), thereby supporting a harmonised approach.
