At Trustible, we understand the challenges insurers face in navigating the evolving AI regulatory landscape, particularly at the state-level in the U.S. That’s why we’re excited to introduce the Trustible US Insurance AI Framework, designed to streamline compliance by synthesizing the latest insurance AI regulations into one comprehensive, easy-to-comply with framework embedded in our platform.
On July 11, 2024, the New York Department of Financial Services (NY DFS) released its final circular letter on the use of external consumer data and information sources (ECDIS), AI systems, and other predictive models in underwriting and pricing insurance policies and annuity contracts. A circular letter is not a regulation per se, but rather a formalized interpretation of existing laws and regulations by the NY DFS. The finalized guidance comes after the NY DFS sought input on its proposed circular letter, which was published in January 2024.
In our final blog post of this AI Policy series (see Comprehensive AI Policy and AI Use Policy guidance posts here), we want to explore what organizations should make available to the public about their use of AI. According to recent research by Pew, 52 percent of Americans feel more concerned than excited by AI. This data demonstrates that, while organizations may understand or realize the value of AI, their users and customers may harbor some skepticism. Policymakers and large AI companies have sought to address public concerns, albeit in their own ways.
In this series’ first blog post, we broke down AI policies into 3 categories: 1) a comprehensive organizational AI policy that includes organizational principles, roles and processes, 2) an AI use policy that outlines what kinds of tools and use cases are allowed, as well as what precautions employees must take when using them, and 3) a public facing AI policy that outlines core ethical principles the organization adopts, as well as their stance on key AI policy stances. In this second blog post on AI policies, we want to explore critical decisions and factors that organizations should consider as they draft their AI use policy.
As organizations increase their adoption of AI, governance leaders are looking to put in place policies that ensure their AI deployment aligns with their organization’s principles, complies with regulatory standards, and mitigates potential risks. But where to start in developing your policies can oftentimes be overwhelming. Let’s start with some important context. AI Policies break […]
As organizations increase their adoption of AI, governance leaders are looking to put in place policies that ensure their AI deployment aligns with their organization’s principles, complies with regulatory standards, and mitigates potential risks. But where to start in developing your policies can oftentimes be overwhelming.
For enterprise AI leaders and governance experts, developing Policies to guide the appropriate use and risk mitigation of AI can be a daunting task. Moreover, understanding whether that policy is compliant with AI regulations and standards can be costly, time-consuming, and overwhelming. Trustible’s AI Policy Analyzer is an expert AI system designed to simplify this process, providing an automated analysis of your existing AI policies in just minutes.
On May 17, 2024, Colorado Governor Jared Polis signed the Consumer Protection for Artificial Intelligence (SB 205) into law, the first comprehensive state AI law that imposes rules for certain high risk AI systems. The law requires that AI used to support ‘consequential decisions’ for certain use cases should be treated as ‘high risk’ and will be subject to a range of risk management and reporting requirements. The new rules will come into effect on February 1, 2026.
Organizations are increasingly deploying artificial intelligence (AI) systems to drive innovation and gain competitive advantages. Effective AI governance is crucial for ensuring these technologies are used ethically, comply with regulations, and align with organizational values and goals. However, as the use of AI and AI regulations become more pervasive, so does the complexity of managing these technologies responsibly.
States continue to pave the way forward on AI policy. As we have previously discussed, 2023 saw a flurry of activity from state legislatures on various AI-related legislation. However, state legislatures were not alone in attempts to implement greater oversight for AI technologies. Over the past year, the Governors of California, Maryland, New Jersey, Oregon, […]
