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Tag: AI Regulation

Michigan DIFS Bulletin publishes guidelines on the use of AI in the insurance industry

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Michigan DIFS Bulletin publishes guidelines on the use of AI in the insurance industry

The Michigan Department of Insurance and Financial Services (DIFS) released a bulletin this month addressing the increasing use of artificial intelligence in the insurance industry. The bulletin explains DIFS’s expectations and outlines insurers’ responsibilities as they adopt these new technologies, said DIFS Director Anita Fox. The August 7 bulletin states that insurers must comply with […]

CFPB wants to set rules for the use of AI by banks

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CFPB wants to set rules for the use of AI by banks

The Consumer Financial Protection Bureau (CFPB) has taken a clear position on the use of artificial intelligence (AI) in financial services: there are no exceptions to existing consumer protection laws for new technologies. In an August 12 comment letter to Treasury Secretary Janet Yellen, the CFPB outlined its approach to regulating AI and other new […]