The European Insurance and Occupational Pensions Authority (EIOPA) has opened a consultation on its Opinion on Artificial Intelligence Governance and Risk Management. This Opinion provides guidance for supervisors and insurance undertakings on interpreting and implementing sector-specific provisions in light of AI adoption and sets high-level supervisory expectations for the responsible use of AI in insurance, emphasising key governance and risk management principles. These principles, among others, include:
- A risk-based and proportional approach across the AI lifecycle,
- Ensuring fairness and ethical use of AI, prioritising consumer interests,
- Clear roles and responsibilities, including expectations for internal audit,
- The ability to explain AI-driven outcomes,
- Robust data governance and regular AI audits,
- Comprehensive documentation and record-keeping.
The ECIIA Insurance Committee will provide a response to this consultation before May 12.
For more details, visit the official consultation page: EIOPA Consultation on AI Governance and Risk Management.