RI issues bulletin on use of AI by insurers

Madison Crowley,

CRANSTON, R.I. (WLNE) — The Insurance Division of Rhode Island Department of Business Regulation released a bulletin regarding the use of Artificial Intelligence (AI) by in-state insurers.

Elizabeth Kelleher Dwyer, Insurance Commissioner and Director of the Department of Business Regulation shared:

Consumer protection, fairness, data vulnerabilities, and potential inaccuracies are the foremost concerns regarding the use of artificial intelligence by insurers. As this technology expands and evolves, we will continue to enforce all regulations to ensure compliance, while continuing to encourage innovation within the industry.”

According to The RI Dept. of Business Regulation, bulletin guidelines include:

  • Reminder to insurers that decisions made by or supported by AI systems must comply with applicable insurance laws and regulations
  • Outlines expectations as to how insurers will govern the development and acquisition of AI technologies
  • Recognizing the potential risks of AI
  • The kind of information and documents that the Department expects an insurer to produce when requested
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