AI in Insurance Update: Colorado Division of Insurance Stakeholder Process Update

The insurance regulatory landscape as it relates to AI continues to be busy. As we have recently reported, the New York Department of Financial Services released a draft circular letter on the Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing on January 17, 2024. Alaska, Connecticut and New Hampshire have recently adopted the National Association of Insurance Commissioners’ model bulletin on the Use of Artificial Intelligence Systems by Insurers, each with only slight revisions. And, as we will discuss here, on Thursday, February 29, 2024, the Colorado Division of Insurance (the “Division”) held a stakeholder meeting and provided important updates related to its process for implementing SB21-169 (Colo. Rev. Stat. § 10-3-1104.9).

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