NYDFS Issues Important Guidelines on AI Use by Insurance Firms
Friday, 12 July 2024, 01:30
NYDFS Guidance on AI Use for Insurance Companies
The New York State Department of Financial Services (NYDFS) has issued new guidelines for insurance firms incorporating Artificial Intelligence (AI) technologies.
Consumer Protection
The primary focus of the guidance is to prevent discrimination against consumers in the implementation of AI systems by insurance companies.
- Transparency: NYDFS emphasizes the need for transparent practices to ensure fair treatment.
- Fairness: The guidelines stress the importance of fair AI algorithms to protect consumer rights.
This initiative by NYDFS underscores the growing importance of ethical AI use to safeguard consumer interests.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.