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Vietnam: Competition Law Fact Sheet
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Global | Publication | April 2024
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialize in a fast-moving competitive environment. Such predictions are intensively focused on data.
AI promises new insights by analyzing more data points, simultaneously across multiple data sets, leading to automation of complex cognitive processes. However, this comes with risks. Without regulation, AI models can replicate and reinforce bias of the past, with no regard for current social constraints or indeed long-term social cohesion.
For governments to achieve the benefits of AI adoption they need to ensure that society trusts in such AI, through safeguards in design, operation and management of the models, as well as accountability for AI operators when things go wrong.
However, where regulatory approaches diverge across jurisdictions, in practice, international businesses may be forced to respond to the highest standards, regardless of the differing levels of country-specific intervention.
AI is transforming the insurance industry by enabling automation of repetitive tasks and generating insights from large data sets. Some applications by insurers include:
Given the wide range of use cases in which AI can be deployed, governments across the world have sought to articulate clear rules to guide those developing or deploying AI. This piece briefly summarizes the current regulatory state of play in the insurance sector in the EU, Germany, UK, Singapore, US, and Australia.
Publication
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Publication
Our Asia Competition Law facts sheets provide insights into the main competition law regimes across Asia, reflecting the experience and reach of our Asia competition team in an ever changing and increasingly complex competition law environment.
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The UK’s Economic Crime and Corporate Transparency Act received Royal Assent on 26 October 2023 and the much-discussed new failure to prevent fraud offence is likely to come into force (after government guidance is issued) by the end of 2024 or early 2025.
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