In “What Colorado’s New Data Regulations Could Mean for Insurers, Agents,” ThinkAdvisor turned to insurance partner Scott Kosnoff for answers to questions regarding new regulations adopted by the Colorado Division of Insurance that will govern life insurers’ use of “external consumer data and information source.”
Kosnoff provided responses to the questions:
- How does Colorado’s regulation compare with other jurisdictions?
- How is Colorado’s approach different from typical states?
- What implications could the Colorado regulation have for products other than life insurance?
- Have regulators provided what clients will need to comply?
- Could the Colorado data rules have noticeable effects on life and annuity agents?
- Could agents and advisors face “business associate” responsibilities for consumer data anti-discrimination rules that are comparable to what they face for Health Insurance Portability and Accountability Act health data privacy rules?
- What should clients know about artificial intelligence risk management?
The full article is available for ThinkAdvisor subscribers.