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National Insurance Crime Bureau

Colorado Bill May Restrict use of External Data

A bill that would reportedly require insurance carriers to audit algorithms and report results to the insurance commissioner passed the Senate Business, Labor, & Technology committee.  The next step for the bill is review by the full Senate.  According to the APif the bill passes, it will go into effect January 1, 2022 and require insurers using external data sources to submit disclosures to the Division of Insurance (DOI).  If the DOI finds the external data unfairly discriminates, its use could be restricted or prohibited.