Can you summarize CORS 10-3-1104.9?

Short Summary

This legal document governs the use of external consumer data and information sources, algorithms, and predictive models by insurers. It prohibits unfair discrimination based on race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identity, or gender expression. The document requires the commissioner to adopt rules for the implementation of this section through a stakeholder process involving carriers, producers, consumer representatives, and other interested parties. Insurers are required to provide information about their use of external consumer data and information sources, establish risk management frameworks to minimize unfair discrimination, and provide ongoing monitoring and assessment. The document also grants the commissioner the authority to examine and investigate insurers’ use of external consumer data and information sources, algorithms, or predictive models. Certain exemptions apply to title insurance, bonds executed by qualified surety companies, and insurers issuing commercial insurance policies, with the exception of business owners’ policies or commercial general liability policies with annual premiums of ten thousand dollars or less.

Whom does it apply to?

Insurers

What does it govern?

Insurers' use of external consumer data and information sources, algorithms, and predictive models - unfair discrimination prohibited - rules - stakeholder process required - investigations - definitions - repeal.

What are exemptions?

Title insurance, bonds executed by qualified surety companies, and insurers issuing commercial insurance policies (except for business owners' policies or commercial general liability policies with annual premiums of ten thousand dollars or less)

What are the Penalties?

Not specified

Jurisdiction

Colorado

Source

CORS 10-3-1104.9 [https://reggi.cloud.regology.com/regulations/US-CORS/US-CORS_T_10_P_eda0cb12_C_3_P_11_S_1104.9]

• Artificial intelligence