EIOPA released a consultation on AI governance and risk management for insurance. The Opinion guides insurance entities on AI use, emphasizing risk assessment, proportional governance, ethics, data management, and accountability. It highlights the importance of fairness, transparency, and documentation, while encouraging a customer-centric approach and regular review of AI strategies. Adequate data governance and redress mechanisms are mandated, not introducing new laws but clarifying existing regulations. Feedback is due by May 12, 2025.
