Colorado Division of Insurance crafts legislation to tackle life-insurance algorithms
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The Colorado Division of Insurance (DOI) is proposing new regulations to protect consumers from potential disparate treatment that may occur due to the use of life-insurance algorithms.
State regulators are pushing back against U.S. life insurers who rely on algorithms and predictive models to speed up life insurance applications. Regulators note that the proposed measures are to safeguard consumers from unfair discrimination that could arise from automated underwriting.
Colorado’s framework mirrors…
Fred E. Karlinsky, Timothy F. Stanfield, Benjamin M. Saul, Christian Brito, Richard M. Cutshall
2023-05-01 00:00:00
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