Insurance Regulatory and Development Authority of India (IRDAI) establishes working group on Artificial Intelligence (AI)

Key facts

• The Insurance Regulatory and Development Authority of India (IRDAI) has set up a working group on Artificial Intelligence (AI) to guide the insurance sector on adoption, governance, and oversight while safeguarding policyholder interests.
• Sandeep Shukla, Director of IIIT Hyderabad, has been appointed as the chairperson of the group.
• The members of the group include Nandakumar Saravade (former CEO of ReBIT), Ashutosh Bahuguna (scientist, CERT-In), Manoj Nayak (Chief Information Security Officer (CISO), SBI Life Insurance), Shivanath Somanathan (CISO, Star Health & Allied Insurance), and Steve D'Souza (Chief Risk Officer (CRO), ICICI Lombard General Insurance).
• Deepak Gaikwad, General Manager and CISO of IRDAI, will serve as the member-convener.
• The group is tasked with suggesting an AI governance framework for ethical adoption, assessing frontier AI tools, proposing an AI audit framework, and identifying capacity-building needs for stakeholders.
• The working group must submit its recommendations to the member Finance and Investment within three months from the date of its constitution.