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Prohibits the use of external consumer data and information sources being used when determining insurance rates; provides that no insurer shall unfairly discriminate based on race, color, national or ethnic origin, religion, sex, sexual orientation, disability, gender identity, or gender…
This bill prohibits insurers from using external consumer data and algorithms that unfairly discriminate based on protected characteristics.
If you use algorithms to determine insurance rates in New York, you must ensure compliance with non-discrimination standards or face penalties.
What do these statuses mean? ▼
Affected Industries
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What This Means
The proposed legislation aims to prevent unfair discrimination in insurance rate determinations by prohibiting the use of external consumer data and algorithms. Insurers will need to review their data practices to align with the new standards, particularly regarding protected characteristics such as race and gender identity.
Key Provisions
- Prohibits the use of external consumer data in insurance rate determinations.
- Prevents unfair discrimination based on protected characteristics.
- Applies to algorithms and predictive models used by insurers.
Latest Legislative Action
referred to insurance
Bill Sponsors (showing 5 of 6)
| Name | Role |
|---|---|
| BENEDETTO | Primary |
| Brian Cunningham D | Primary |
| BUTTENSCHON | Primary |
| Erik Dilan D | Primary |
| PICHARDO | Primary |
Compliance Checklist
Who: Insurers operating in New York
Penalty: Potential penalties for non-compliance.
Related & Companion Bills
Full Legal Analysis
Official Source
Related Topics
Affected Industries
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