EIOPA Consults on Its Opinion on Artificial Intelligence Governance and Risk Management

The EU insurance watchdog, EIOPA, is seeking feedback on its Opinion on Artificial Intelligence (AI) governance and risk management.

The Opinion provides supervisors and insurance undertakings with guidance on how to interpret and implement insurance sector provisions in light of AI systems' use in insurance. It clarifies the key principles and requirements outlined in insurance sector legislation that should be considered when deploying AI systems.

The Opinion applies to AI systems that are neither classified as prohibited AI practices nor as high-risk under the AI Act. It aligns with the fundamental principles and requirements of the AI Act, as well as international initiatives from organizations such as the OECD, the G20, and the IAIS, promoting a harmonized approach.

EIOPA sets high-level supervisory expectations regarding governance and risk management principles that insurance undertakings should follow to ensure the responsible use of AI systems tailored to specific use cases. These principles include:

• Applying a risk-based and proportional approach throughout the AI system lifecycle,
• Acting in accordance with fairness and ethical principles, in the best interest of consumers,
• Clearly defining the roles and responsibilities of relevant staff,
• Ensuring the ability to meaningfully explain AI system outcomes,
• Implementing sound data governance policies, and
• Maintaining adequate and orderly documentation and records.

Stakeholders are invited to submit comments on the Consultation Paper and the Impact Assessment of EIOPA’s Opinion on AI governance and risk management by responding to the online survey. The deadline for submissions is 12 May 2025.

Read more here.