Colorado SB21-169 Solution

The Holistic AI Governance Platform is an all-in-one solution for SB169, no matter your type of insurance or insurance practices.

Navigate Colorado SB 21-169 with confidence with Holistic AI

Catalog your data, algorithms, and predictive models

Leverage our integrations to create an inventory of your External Consumer Data and Information Sources, Algorithms, and Predictive Models with ease.

Governance and risk management framework

Take control of your AI with a comprehensive governance and risk
management framework for the use of External Consumer Data and Information Sources, Algorithms, and Predictive Models.

Impartial bias audit

Audit your External Consumer Data and Information Sources, Algorithms, and Predictive Models for unfair discrimination efficiently using our dedicated solution mapped to SB169’s quantitative testing requirements.

Customized recommendations

Recommendations from experts to support compliance and prevent unfair discrimination informed by best practices

Ongoing compliance

Regulations for SB169 are still being developed. Holistic AI will keep you updated with the latest developments and ensure that you are compliant as the rules mature.

FAQ

What practices are prohibited under Colorado’s SB 21-169?

Insurers are prohibited from unfair discrimination in insurance practices and the use of external consumer data and Information Sources, algorithms, and predictive models that unfairly discriminate.

What are the requirements of Colorado’s insurtech law?

Broadly, insurers must:

• Provide information on the External Consumer Data and Information Sources, Algorithms, and Predictive Models they use and how

• Establish and maintain a risk management framework to determine whether the use of external consumer data and information sources, algorithms, and predictive models result in unfair discrimination

• Outline the actions taken to minimize the risk of unfair discrimination

The Commissioner of Insurance is tasked with developing specific rules for specific insurance practices and types of insurance for the fulfilment of these requirements.

How does the legislation define an algorithm and a predictive model?

Under the legislation, an algorithm is defined as a computational or machine-learning processes are used to inform human decision-making in insurance practices. A predictive model is defined as a process of using mathematical and computational methods that examine current and historical data sets for underlying pattern and calculate the probability of an outcome.

What does unfair discrimination mean?

Unfair discrimination occurs when external customer data and information sources or algorithms or predictive models correlate with protected characteristics (race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identity or gender expression) and result in a disproportionately negative outcome for these groups that exceeds the reasonable correlation to the underlying insurance practice (in respect to losses and underwriting costs etc.).

Are there any exemptions to SB21-169?

The SB21-169 legislation does not apply to title insurance, bonds executed by qualified surety companies, or insurers issuing commercial insurance policies. It does apply to insurers that issue business owners’ policies or commercial general liability policies if these policies have annual premiums of $10,000 or less.

Streamline compliance with Colorado's SB21-169

Navigate Colorado SB 21-169 with confidence with Holistic AI

Catalog your data, algorithms, and predictive models

Governance and risk management framework

Impartial bias audit

Customized recommendations

Ongoing compliance

FAQ

Insurers are prohibited from unfair discrimination in insurance practices and the use of external consumer data and Information Sources, algorithms, and predictive models that unfairly discriminate.

Key Resources

How Colorado is Regulating Insurtech with SB21-169

Colorado's Legislation to Prevent Discrimination in Insurance (SB21-169)

Unlock the Future with AI Governance.

Streamline compliance with Colorado's SB21-169

Navigate Colorado SB 21-169 with confidence with Holistic AI

Catalog your data, algorithms, and predictive models

Governance and risk management framework

Impartial bias audit

Customized recommendations

Ongoing compliance

FAQ

Insurers are prohibited from unfair discrimination in insurance practices and the use of external consumer data and Information Sources, algorithms, and predictive models that unfairly discriminate.

Key Resources

How Colorado is Regulating Insurtech with SB21-169

Colorado's Legislation to Prevent Discrimination in Insurance (SB21-169)

Unlock the Future with AI Governance.

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