EU proposes rules for regulating artificial intelligence - Business Insurance

Just-released proposals out of Europe that call for new rules to regulate high-risk artificial intelligence systems provide another marker for U.S. insurers and regulators as they consider the opportunities and risks of this evolving technology, industry experts say. The proposals and accompanying data strategy unveiled Feb. 19 are part of the EU's broader digital strategy aimed at setting global standards on technological development that put people first. In its report, the European Commission says that while artificial intelligence can bring advances by tackling climate change and making production more efficient, it also "entails a number of risks, such as opaque decision-making, gender-based or other kinds of discrimination, intrusion in our private lives, or being used for criminal purposes." Jon Godfread, insurance commissioner for North Dakota, said the policy document is "another fencepost and guideline that we can all take a look at" as international discussions on how to regulate artificial intelligence continue to develop. The EU's risk-based regulatory approach outlined in the report says clear rules are needed for high-risk artificial intelligence systems in recruitment, health care, transport, energy and law enforcement so that they are "transparent, traceable and guarantee human oversight."