IRDAI forms working group on AI
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📌 Summary:
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Insurance regulator IRDAI has constituted a working group on Artificial Intelligence (AI) for the insurance sector
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Mandate: set direction on governance frameworks, best practices and safeguards so insurers can pursue AI-driven innovation while protecting policyholder data
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Composition: a seven-member group chaired by IIIT Hyderabad Director Sandeep K. Shukla
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The group will study AI's impact — including potential challenges and risks — and assess implications for insurers, policyholders and the wider insurance ecosystem
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Reflects a sectoral regulator moving to balance innovation with consumer protection and data privacy
🎯 UPSC Relevance: GS3 — science & technology (AI applications, governance of emerging tech) and GS2 — role of regulatory bodies; links to data protection (DPDP Act)
📝 Prelims Facts:
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IRDAI = Insurance Regulatory and Development Authority of India, headquartered in Hyderabad; a statutory body under the IRDA Act, 1999
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Working group is seven-member; chaired by IIIT Hyderabad Director Sandeep K. Shukla
🔑 Key Term: Regulatory sandbox / governance framework — structured rules a regulator sets so firms can adopt new technology (like AI) safely without compromising consumer protection
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