European Parliament vote on AI Act

On 14 June, the European Parliament (EP) voted on the Artificial Intelligence Act. The last amendments were voted on in 10 minutes, but then it was a fact. The EP has adopted a formal position on this regulation. And that means that parliament can enter into negotiations with the Council and the European Commission (EC) on this important law.

Haste

Negotiations started on Wednesday evening, but are expected to last several months. That is good, because it is important that this law is carefully considered. There must be rules for secure AI, without limiting innovation. But because the application of artificial intelligence has taken off in recent months, many believe that the law must be rushed at the same time.

Insurers

For the insurance sector, the Council and the EP already seem to agree on the inclusion of certain AI applications for life and health insurance in the high-risk category of the law. This means that insurers will have to build in additional safeguards for those products if they use AI to determine which customers receive an offer and at what premium. It is not yet certain how the EC will react to this, because the committee believed in the original proposal that insurers do not need to be regulated separately at all.

Finger on the pulse

The Covenant is therefore keeping a close eye on developments. For example, it was already possible, together with Insurance Europe, to prevent non-life insurance from also being placed in the high-risk category.