Oklahoma Insurance Commissioner Glen Mulready issued a bulletin providing insurers with regulatory guidance on the use of artificial intelligence.
The bulletin, which was adopted by the National Association of Insurance Commissioners (NAIC), outlines expectations on the ethical use of AI.
The bulletin emphasizes the importance of fairness, accountability, transparency, and adherence to state laws to mitigate risks associated with AI-driven decision-making and to protect consumer interests.
“With new technologies comes the responsibility to ensure Oklahoma’s industry innovates while maintaining consumer protection,” said Commissioner Glen Mulready. “We hope to see artificial intelligence used to increase efficiencies and improve overall experiences.”
Key guidance from the bulletin includes:
- Reminds insurers that decisions supported by AI systems must comply with all applicable insurance laws and regulations.
- Encourages innovation while recognizing potential risks such as inaccuracies, unfair discrimination, data vulnerability, and lack of transparency.
- Sets forth the Department’s expectations regarding the kinds of information and documents about an insurer’s AI systems that the Department would expect to be produced upon request.
- Outlines specific guidelines for governance structures, accountability, monitoring, audit protocols, and training within the AIS Program.
Source: Oklahoma Insurance Department
Topics InsurTech Data Driven Artificial Intelligence Oklahoma