CO | The Colorado Division of Insurance today adopted Regulation 10-1-1 Governance and Risk Management Framework Requirements for Life Insurers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models.
The law requires life insurers that use ECDIS to establish a risk-based governance and risk management framework to avoid unfair discrimination based on race and to remediate unfair discrimination, if detected. It describes essential components of such frameworks as well as reporting requirements.
This regulation becomes effective on November 14, 2023.
Click here to read the regulation for more details.