Laws, rules, bulletins, guidance and supervisory statements on AI used by insurers; model risk governance.
AI in Insurance
The Monetary Authority of Singapore (MAS) issued Guidelines on AI Risk Management that apply to all financial institutions and all forms of AI, and says firms remain accountable for AI that third parties develop, operate or provide. The guidelines take effect on 7 October 2027, with Sections 5 and 6 due by 7 October 2028.
Source: Monetary Authority of Singapore
AI in Insurance · In context
In a Eurofi magazine article published on 16 September, EIOPA argues that wider use of AI in finance increases dependence on a few outside providers, market concentration and cyber risk. It cites a 2025 survey in which 65% of 347 insurers in 25 EEA countries already used generative AI, and says rigorous implementation of DORA and the AI Act matters more than new AI rules.
Source: EIOPA
The FCA's first AI practice paper finds oversight retrofitted, accountability diffused and monitoring gaps across financial firms.
An FCA board member says AI tools are blurring regulated and unregulated financial advice.
Earnix says cheaper GenAI does not remove insurers' long-term governance and regulatory accountability costs.
Commentary argues insurers need visibility into AI agent actions to realise value and govern them.
Australian data shows staff adopting AI faster than brokerages set rules, with a December Privacy Act change adding pressure.
EIP's CEO says the FCA's planned AI regulation should prompt insurers to prepare.
Commentary argues insurers should set AI governance first, retest often and own their AI stack before scaling.
Marsh CEO John Doyle says AI is already reshaping broker advisory and client work, and calls for coordinated oversight of systemic cyber risk.
KPMG survey of 20 countries: 44% of insurance executives rate themselves AI leaders, yet only 11% report strong data governance.
Industry associations urge the NAIC to exclude generalized linear models from its evaluation of insurers' AI systems.
