Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu

Insurance Commissioner Study Insurance Market

Concerning a study of the market for property and casualty insurance policies issued to certain entities in Colorado, and, in connection therewith, making an appropriation.
2024 Regular Session
Bill Summary

The bill requires the commissioner of insurance (commissioner) to conduct a study concerning the market for property and casualty insurance policies issued by insurers to:

  • Unit owners' associations (associations) of common interest communities; and
  • Owners of hotels and lodging facilities (owners).

To the extent practicable, the study must include consideration of:

  • Current market conditions, including certain data; and
  • The implementation of measures and programs to ensure the long-term sustainability and availability of property and casualty insurance policies issued to associations and owners;
  • Whether any captive insurance companies have been formed by an association or an owner; and
  • Whether the formation of a captive insurance company by an association or an owner could impact current market conditions.

The commissioner may contract with a third party to conduct the study. The commissioner and any third party shall engage with and seek input from insurers, consumer groups, and other interested parties.

As part of the study, the commissioner shall collect specific data from insurers. Information submitted by an insurer is subject to public inspection only to the extent allowed under the "Colorado Open Records Act". The division of insurance and any third-party contractor may not disclose trade secrets or confidential or proprietary information.

The commissioner shall prepare a report summarizing the results of the study and, on or before January 1, 2026, submit the report to the joint budget committee, to the business affairs and labor committee of the house of representatives, and to the business, labor, and technology committee of the senate.

For the 2024-25 state fiscal year, the bill appropriates $329,863 to the department of regulatory agencies for use by the division of insurance. This appropriation is from the division of insurance cash fund. Of this amount, any amount up to $300,000 not expended prior to July 1, 2025, is further appropriated to the division for the 2025-26 state fiscal year for the same purpose.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)




Bill Text

Colorado legislature email addresses ending in are no longer active. Please replace with for Colorado legislature email addresses. Details

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details