Artificial intelligence (AI) models used for pension allocation and annuity pricing should be included as high-risk applications under the European Union’s AI Act, the Actuarial Association of Europe (AAE) has stated.
In its response to the European Commission's Targeted stakeholder consultation on the classification of AI systems as high-risk, the AAE argued for Annex III of the act to be amended to “better reflect” the varied and evolving AI use cases in insurance and financial services