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Michael DeLong, CFA’s insurance advocate, said in a release: “The bill creates a process to ensure that insurance markets are more equitable. With its enactment, Colorado has an opportunity to be a leader in the national effort to reduce systemic bias in insurance and other financial services.” (Credit: welcomia/ Shutterstock) Michael DeLong, CFA’s insurance advocate, said in a release: “The bill creates a process to ensure that insurance markets are more equitable. With its enactment, Colorado has an opportunity to be a leader in the national effort to reduce systemic bias in insurance and other financial services.” (Credit: welcomia/ Shutterstock)

New legislation in Colorado, which the governor and state insurance commissioner have signed, will require insurance companies to demonstrate that their use of external data and complicated algorithms do not discriminate on the basis of certain classes and will help guarantee that citizens do not overpay for coverage or become unfairly targeted by insurance companies because of who they intrinsically are.

The law aims to hamper practices that disproportionately harm communities of color or people on the basis of sex, sexual orientation or gender identity,

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Hannah Smith

 

PropertyCasualty360

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