Are there any laws governing the use of computer algorithms for automated decision making in finance, insurance, and healthcare?

In Indiana, laws and regulations governing the use of computer algorithms for automated decision making in finance, insurance, and healthcare are established by the Indiana Department of Insurance. The department has developed a closely regulated system to protect consumers from potential abuses. In the financial sector, the Indiana Department of Financial Institutions (DFI) oversees the use of automated decision-making algorithms. This oversight is done to ensure that the algorithms are not used in a discriminatory manner, are based on reliable data, and comply with applicable laws. Furthermore, the DFI ensures that any automated decision-making algorithms must factor in customer safety and the best interests of the public. In the insurance sector, the Indiana Department of Insurance (IDOI) has rules in place for the use of computer algorithms for automated decision making. The IDOI’s rules are closely monitored by its Compliance Division and include requirements that the algorithms meet certain standards and guidelines. Furthermore, any insurer that uses automated decision-making algorithms must submit an annual report to the IDOI containing information such as the model used, the purpose of the model, and the validation process. In healthcare, the Indiana Department of Health regulates the use of automated decision-making algorithms. This is done to ensure that the algorithms are used responsibly and protect the best interests of patients. The Department also requires that any algorithm used must be tested and validated, and all data used must be accurate and up to date. Overall, Indiana is committed to protecting consumers by making sure that automated decision-making algorithms used in finance, insurance, and healthcare are closely monitored and regulated.

Are there any laws governing the use of computer algorithms for automated decision making in finance, insurance, and healthcare?

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