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Tuesday, February 20, 2024

Annuities in Play as Colorado Regulates Life Insurance coverage Information, Attorneys Predict

Two insurance coverage regulatory legislation specialists say the trouble that created the brand new Colorado life insurance coverage know-how unfair discrimination regulation will doubtless develop to have an effect on annuities.

The Colorado regulation will even do extra to have an effect on how insurers function than different state efforts to handle issues about new types of decision-support know-how, the legal professionals predicted.

Paige Waters, a accomplice at Locke Lord, and Stephanie O’Neill Macro, an lawyer of counsel with the agency, talked concerning the new regulation of exterior shopper information and knowledge sources, or ECDIS, in an electronic mail interview.

What it Means: Colorado’s necessities might have an enormous impact on how monetary providers regulators method synthetic intelligence, machine studying, conventional analytical programs and any new types of know-how.

The Regulation: The brand new guidelines require insurers to arrange a governance system for stopping race-based discrimination involving ECDIS.

Regulators outlined ECDIS to incorporate “credit score scores, social media habits, areas, buying habits, residence possession, academic attainment, licensures, civil judgments, court docket information, occupation that doesn’t have a direct relationship to mortality, morbidity or longevity danger, consumer-generated web of issues information, and any insurance coverage danger scores derived by the insurer or third-party from the above listed or related information and/or info supply.”

What’s Totally different: Colorado is the primary state to handle use of AI and different decision-support know-how in insurance coverage by way of a full-scale regulation, reasonably than a bulletin, Waters and Macro mentioned.

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