Colorado Releases Notice of Regulation on AI and Life Insurance
Summary
On September 21, 2023, the Colorado Division of Insurance released a notice of new regulation that establishes “governance and risk management requirements for life insurers that use external consumer data and information sources (ECDIS), as well as algorithms and predictive models that use ECDIS.” The regulation is part of the Division’s effort to combat unfair discrimination against insurers. According to the regulation, life insurers in Colorado that use ECDIS or algorithms that use ECDIS would be required to perform annual quantitative testing to evaluate whether the insurers’ use of ECDIS are unfairly discriminatory based on the race or ethnicity of proposed insureds. The rule will become effective on November 14, 2023.
Impacted Sectors
Additional Information
© 2025 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.