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New York Department of Financial Services issues guidelines for use of AI and personal data to combat bias

( July 11, 2024, 20:22 GMT | Official Statement) -- MLex Summary: New York's Department of Financial Services has issued regulatory guidelines for the insurance industry's use of artificial intelligence systems coupled with the personal data of consumers gleaned from outside sources. While DFS said the use of AI coupled with consumer data from outside sources could benefit insurers and consumers by simplifying and expediting insurance underwriting and pricing processes, the guidelines are intended to prevent AI from amplifying unfair or unlawful discrimination by insurers.Text of DFS statement follows in full:...

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