On Monday, February 13, 2023, Eric Dinallo and Marshal Bozzo of the firm’s Insurance Regulatory Group and Avi Gesser, Erez Liebermann and Anna Gressel of the Data Strategy and Security Group discussed the latest developments on AI insurance regulation in Colorado.
This was the latest installment in Debevoise’s series of webcasts focused on developments affecting the insurance industry; it covered the following:
- Key takeaways from the Colorado Insurance Division’s February stakeholder meeting on SB 21-169, including forthcoming regulations concerning AI governance and testing;
- The likely requirements under SB 21-169 for data governance, risk management and reporting, including:
- Inventory of AI models
- Governing principles
- Board and senior management reporting and oversight
- Cross-functional governance committee
- AI policies and procedures to ensure that the models are not biased
- AI training
- Cybersecurity for models
- AI incident response plan
- Documentation of bias assessments
- Mandatory reporting on compliance
- AI and Big Data regulatory developments from the National Association of Insurance Commissioners and state authorities.
If you missed the discussion, please click here to listen to the recorded program.
If you missed the last briefing on Colorado’s Approach to AI Governance for Insurers, please click here to access the on-demand recording.