Connecticut Insurance Department Restructures Actuarial Division to Better Regulate Industry’s Use of Technology

The Connecticut Insurance Department has consolidated all actuarial and data science functions to improve regulatory oversight and better protect consumers as the insurance industry’s usage of Artificial Intelligence, Big Data, and Machine Learning expands. “As the insurance industry increasingly relies on rapid technological innovation within a complex data-driven environment, the regulators at the Connecticut Insurance Department (CID) will meet these challenges by restructuring and integrating all actuarial and data science functions within a single unit to better protect consumers,” said Andrew N. Mais, Commissioner, Connecticut Insurance Department. “Wanchin Chou, Assistant Deputy Commissioner and Chief Actuary will lead this division and direct all actuarial functions in addition to the Department’s recent advent of data science work.” “This Department is the regulator of the insurance…

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