Disclaimer

The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. Consequently, you should not convey any confidential information to us until a formal attorney-client relationship has been established. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. With that in mind, we look forward to hearing from you.

 Skip to Content

One More New Year’s Party – Colorado’s Stakeholder Process Begins
January 28, 2022
 

Newly enacted Colorado Statutes section 10-3-1104.9 requires the Colorado Division of Insurance to hold stakeholder meetings to consider insurers' use of external consumer data and information sources, as well as algorithms and predictive models using such information. The first stakeholder meeting will be held on February 17, 2022, and will focus on underwriting practices in life insurance. A goal of the meeting is to determine how insurers should test and demonstrate to the division that their use of consumer data and algorithms is not unfairly discriminatory.

As we have previously discussed, section 10-3-1104.9 prohibits the use of external consumer data and information sources, and algorithms and predictive models based on such data, in a way that unfairly discriminates based on race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identity, or gender expression. Moreover, section 10-3-1104.9 imposes reporting and governance requirements on insurers. See also “Insurers Grapple With Proxy Bias Problem in AI Use” for further discussion.

We will continue to monitor Colorado's activity as it engages in the stakeholder process and promulgates rules with respect to the use of external consumer data, information sources, and algorithms.
Authored By
Image: Ann Young Black
Ann Young Black
Related Practices
Life, Annuity, and Retirement Solutions Financial Services Regulatory
Related Industries
Life, Annuity, and Retirement Solutions
©2024 Carlton Fields, P.A. Carlton Fields practices law in California through Carlton Fields, LLP. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. The distribution of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship with Carlton Fields. This publication may not be quoted or referred to in any other publication or proceeding without the prior written consent of the firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our Contact Us form via the link below. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. This site may contain hypertext links to information created and maintained by other entities. Carlton Fields does not control or guarantee the accuracy or completeness of this outside information, nor is the inclusion of a link to be intended as an endorsement of those outside sites.