{"id":7981,"date":"2025-03-10T11:32:48","date_gmt":"2025-03-10T11:32:48","guid":{"rendered":"https:\/\/www.eciia.eu\/?p=7981"},"modified":"2025-05-19T12:27:31","modified_gmt":"2025-05-19T12:27:31","slug":"eiopa-launches-consultation-on-ai-governance-and-risk-management-in-insurance","status":"publish","type":"post","link":"https:\/\/www.eciia.eu\/2025\/03\/eiopa-launches-consultation-on-ai-governance-and-risk-management-in-insurance\/","title":{"rendered":"EIOPA Launches Consultation on AI Governance and Risk Management in Insurance"},"content":{"rendered":"\n<p>The European Insurance and Occupational Pensions Authority (EIOPA) has opened a consultation on its <em>Opinion on Artificial Intelligence Governance and Risk Management<\/em>. This Opinion provides guidance for supervisors and insurance undertakings on interpreting and implementing sector-specific provisions in light of AI adoption and sets high-level supervisory expectations for the responsible use of AI in insurance, emphasising key governance and risk management principles. These principles, among others, include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A risk-based and proportional approach across the AI lifecycle,<\/li>\n\n\n\n<li>Ensuring fairness and ethical use of AI, prioritising consumer interests,<\/li>\n\n\n\n<li>Clear roles and responsibilities, including expectations for internal audit,<\/li>\n\n\n\n<li>The ability to explain AI-driven outcomes,<\/li>\n\n\n\n<li>Robust data governance and regular AI audits,<\/li>\n\n\n\n<li>Comprehensive documentation and record-keeping.<\/li>\n<\/ul>\n\n\n\n<p>The ECIIA Insurance Committee will provide a response to this consultation.<\/p>\n\n\n\n<p>For more details, visit the official consultation page:<a href=\"https:\/\/www.eiopa.europa.eu\/consultations\/consultation-paper-and-impact-assessment-eiopas-opinion-ai-governance-and-risk-management_en\"> EIOPA Consultation on AI Governance and Risk Management.<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83d\udd04 <strong>Update<\/strong>: ECIIA has submitted its response to the EIOPA consultation on AI governance and risk management in insurance.<\/h4>\n\n\n\n<p>Our main recommendations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Clarify the distinction between the roles of Internal Audit (IA) and External Audit (EA)<\/li>\n\n\n\n<li>Reinforce the importance of strong governance structures<\/li>\n\n\n\n<li>Define how this guidance aligns with existing regulations such as the AI Act<\/li>\n<\/ul>\n\n\n\n<p>\ud83d\udcc4 Read our full response <a href=\"https:\/\/www.eciia.eu\/wp-content\/uploads\/2025\/03\/EIOPA-Consultation.03.05.2025.odt\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Insurance and Occupational Pensions Authority (EIOPA) has opened a consultation on its Opinion on Artificial Intelligence Governance and Risk Management. This Opinion provides guidance for supervisors and insurance undertakings on interpreting and implementing sector-specific provisions in light of AI adoption and sets high-level supervisory expectations for the responsible use of AI in insurance, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,2],"tags":[],"class_list":["post-7981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information-from-advocacy-targets","category-insurance-committee","category-reactions-to-consultations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EIOPA Launches Consultation on AI Governance and Risk Management in Insurance | ECIIA<\/title>\n<meta name=\"description\" content=\"ECIIA intends to be the consolidated voice for the profession of internal auditing in Europe and to promote the role of internal audit and good corporate governance by dealing with the European Union, its Parliament and Commission and any other European regulators and associations representing key stakeholders. 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