This detailed analysis from Debevoise & Plimpton explores how the European Union’s AI Act intersects with insurance industry practices, offering a risk-tiered framework that directly impacts underwriting, fraud detection, and customer service AI tools. The article contrasts the EU's prescriptive regime with the UK's more flexible, principles-based oversight, helping legal and compliance teams understand diverging global regulatory landscapes. A standout insight is that many insurer AI use cases may fall outside the AI Act’s strictest categories—but existing frameworks like Solvency II, DORA, and the IDD already impose significant governance and transparency expectations. With August 2026 compliance deadlines looming, this piece provides insurers and their counsel with a practical roadmap to prepare for cross-jurisdictional AI oversight.