Authors
David Schraub, FSA, CERA, MAAA, AQ
Jing Lang, FSA, FCIA, MAAA, FLMI
Zhibin Zhang, FSA, FCIA
Mark A. Sayre, FSA, CERA, JD, CIPP/US|E
Overview
The need for AI regulation is understood by the authorities in all four jurisdictions (The United States, The European Union, Canada, and China). Although commonalities exist among the areas, likely driven by the cross-border nature of the technologies involved, the differences in general, regulatory approach and principles by jurisdiction, have resulted in critical dissimilarities. Common themes include a focus on transparency, traceability, governance, risk management, testing and documentation, and accountability. Differences appear to be primarily the result of the varied regulatory philosophies (e.g., the federalist model of state-led regulation in the U.S. vs. the centralized model in China), legislative approach (industry-specific vs. cross-industry regulation), and regulatory approach (e.g., a focus on protection of rights vs. a focus on fostering technological innovation). This report aims to provide readers with an up-to-date overview of the regulatory landscape, but the information contained here is likely to change.
Report
Comparison of Regulatory Framework for Non-Discriminatory AI Usage in Insurance
Acknowledgments
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group for their diligent work overseeing, reviewing and editing this report for accuracy and relevance.
Project Oversight Group members:
Mujtaba Ali Shaikh, MBA
Arthur Charpentier, PhD
Victor Chen, FSA, FCIA, CERA
Steve Cheung, FSA
Ron Harasym, FSA, FCIA, MAAA, CERA
Dave Ingram, FSA, MAAA, CERA
Petar Jevtic, PhD
Diana Rangelova, MAAA, FCAS
At the Society of Actuaries Research Institute:
Joe Alaimo, ASA, ACIA, Independent Consultant
Korrel Crawford, Senior Research Administrator
Dale Hall, FSA, MAAA, CERA, Managing Director of Research
At the Casualty Actuarial Society:
Mallika Bender, FCAS, MAAA, Staff Actuary
