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ARTICLE · 02 OCTOBER 2023

Colorado Adopts Artificial Intelligence Regulation For Life Insurers

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On September 21, 2023, the Colorado Division of Insurance (the "CDI") adopted a first-of-its-kind regulation in the US establishing governance and risk management requirements for life insurers...

United StatesTechnology
Vikram Sidhu
Vikram Sidhu
Yuliya Feldman
Yuliya Feldman
Lawrence Hamilton
Lawrence Hamilton
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On September 21, 2023, the Colorado Division of Insurance (the "CDI") adopted a first-of-its-kind regulation (the "Regulation") in the US establishing governance and risk management requirements for life insurers that use external consumer data and information sources ("ECDIS") or algorithms or predictive models that use ECDIS.1 The Regulation will become effective on November 14, 2023, and life insurers will have until December 1, 2024 to establish the governance structure and risk management framework required by the Regulation; however, an interim progress report must be provided by life insurers to the CDI by June 1, 2024.

Focus on Governance and Risk Management Framework

The Regulation requires life insurers authorized to do business in Colorado to establish and maintain a risk-based governance structure and risk management framework to (1) oversee whether the life insurers' use of ECDIS and algorithms and predictive models that use ECDIS potentially result

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