Is AI insurance pricing high-risk under the EU AI Act?
Yes, for life and health insurance. AI used for risk assessment and pricing of natural persons in life and health insurance is high-risk under Annex III, point 5(c), and deployers must carry out a fundamental rights impact assessment. Other lines of insurance are not listed, but existing anti-discrimination, consumer and data protection rules still apply.
How it works
- Identify any model used to assess or price life or health cover for individuals.
- Apply the high-risk controls and run a fundamental rights impact assessment.
- Keep sealed records of decisions and of the human reviews behind them.