The Regulation (EU) 2024/1689 (AI Act), published in July 2024,
applies across all sectors, including insurance. The AI Act follows
a risk-based approach and classifies AI
systems into four categories according to their risk level:
prohibited, high risk, limited and minimal risk.The AI Act
defines a comprehensive set of governance and risk management
measures that high-risk systems need to comply with, alongside the
requirements already in place under sectoral legislation.
AI systems with limited or minimal risk under the AI
Actcan operate without additional measures, except for
transparency rules (e.g., informing the customer of AI
interaction), promoting AI literacy among staff, and developing
voluntary codes of conduct. However, their use by insurance
companies and intermediaries must follow governance and risk
management rules in sectoral legislation.
