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

Yes, there are laws that govern the use of computer algorithms for automated decision making in finance, insurance, and healthcare in Virginia. The Virginia Information Technology Agency (VITA) has established the Model Security Framework (MSF), which sets forth a data security and risk management framework specifically for the financial services, insurance, and healthcare sectors. This framework provides specific requirements for the use of computer algorithms for automated decision making. The MSF includes requirements for the development of computer algorithms, such as the need to develop and test algorithms using techniques to prevent and detect bias, and periodic validation of the algorithms used. It also requires companies to ensure that computer algorithms do not adversely affect individuals due to characteristics such as race, ethnicity, or other protected characteristics. Additionally, Virginia has enacted laws to protect consumers from the potential harm of automated decision-making algorithms, such as the Virginia Consumer Protection Act. This Act requires companies to disclose any automated decision-making algorithms used in the provision of services or goods to consumers. Furthermore, the Act prohibits the use of any computer algorithm that has been found to be deceptive or unfair. In sum, Virginia has established laws that regulate the use of computer algorithms for automated decision making in the finance, insurance, and healthcare sectors. These laws are intended to protect consumers from potential harms that could result from the use of such algorithms.

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

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