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On July 6, 2021, Governor Polis signed Senate Bill (SB) 21-169 into law, which protects Colorado consumers from insurance practices that result in unfair discrimination on the basis of race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identify, or gender expression. The legislation holds insurers accountable for testing their big data systems - including external consumer data and information sources, algorithms, and predictive models - to ensure they are not unfairly discriminating against consumers on the basis of a protected class. SB 21-169 also requires insurers to take corrective action to address any consumer harms that are discovered.
SB21-169 directs the Insurance Commissioner to work with stakeholders before adopting rules on how the companies should test and demonstrate to the Division that their use of big data is not unfairly discriminating against consumers. Separate stakeholder meetings will be held to address specific types of insurance (i.e., life, auto, health), as well as specific insurance practices (i.e., marketing, underwriting, claims management).
The Division will initially focus on underwriting practices in life insurance, and is starting the stakeholder engagement process by hosting a virtual meeting on February 17, 2022, from 11:00 - 12:30 pm MT. You can register for the meeting by clicking on the following button.
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