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NEW YORK REGULATOR ISSUES PROPOSED REGULATIONS ON INSURERS USING AI

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The New York Department of Financial Services has issued a circular letter
setting expectations that any insurer using artificial intelligence systems must
be able to establish those systems do not use data that could produce
discriminatory outcomes.

Source: AM Best | Published on January 18, 2024

NY Dept of Financial Services proposes AI rules


The New York Department of Financial Services has issued a circular letter
setting expectations that any insurer using artificial intelligence systems must
be able to establish those systems do not use data that could produce
discriminatory outcomes.

The circular letter outlines the DFS’ expectations for how insurers develop and
manage the integration of external consumer data and information sources,
artificial intelligence systems and other predictive models to mitigate
potential harm to consumers, it said in a statement.

Insurers are expected to analyze ECDIS and AIS for unfair and unlawful
discrimination; demonstrate the actuarial validity of ECDIS and AIS; maintain a
corporate governance framework that provides appropriate oversight; and maintain
appropriate transparency, risk management and internal controls, it said.

“Technological advances that allow for greater efficiency in underwriting and
pricing should never come at the expense of consumer protection,” DFS
Superintendent Adrienne Harris said in a statement. “DFS has a responsibility to
ensure that the use of AI in insurance will be conducted in a way that does not
replicate or expand existing systemic biases that have historically led to
unlawful or unfair discrimination.”

When using ECDIS or AIS, insurers are responsible for complying with
anti-discrimination laws whether they are collecting data and directly
underwriting consumers, or relying on ECDIS or AIS of external vendors, the
circular letter said.

Insurers may not use ECDIS or AIS to use information that would otherwise be
prohibited from using directly, it said.

Further, insurers would not be allowed to rely solely on a vendor’s claim of
non-discrimination or a proprietary third-party process to determine compliance
with anti-discrimination laws.

“The responsibility to comply with anti-discrimination laws remains with the
insurer at all times,” it said.

Insurers would also be required to keep records of its processes for testing for
discrimination and should conduct tests regularly and as methods and inputs
change, it said. They should use qualitative and quantitative measurements,
including multiple statistical metrics evaluating data and model outputs to
ensure they have a comprehensive assessment, it said.

The circular letter makes it clear senior management will be responsible for
day-to-day implementation of the development and management of ECDIS and AIS.

“This includes establishing adequate policies and procedures, assigning
competent staff, overseeing model risk management, ensuring effective challenge
and independent risk assessment, reviewing internal audit findings, and taking
prompt remedial action when necessary,” it said.

It outlines expectations for the role of the board of directors and other
governance issues. It also sets outlines transparency rules, including providing
an explanation for any adverse decisions for a policyholder or an application
for coverage where the insurer used AIS and ECDIS.

The DFS said it will accept comment from all interested parties through March
17.

The National Association of Insurance Commissioners Executive Committee and
plenary approved a model bulletin on the use of algorithms, predictive models
and artificial intelligence by insurers that includes the word “bias,” which
trade groups said does not meet the legal standard used by the industry.

 

 

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Related Articles:

White House Proposes Regulatory Principles to Govern AI Use

NY Fines Two Insurers $4.2M for Alleged Reporting Failures

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