- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-01-17T18:28:00
The New York State Department of Financial Services (NYDFS) issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence (AI) systems and other predictive technologies.
The proposed circular letter announced by the agency Wednesday outlines the NYDFS’s expectations for how insurers develop and manage technologies like AI to mitigate potential harm to consumers.
“Technological advances that allow for greater efficiency in underwriting and pricing should never come at the expense of consumer protection,” said NYDFS Superintendent Adrienne Harris in a press release. “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.”
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