Public Participate Review Acquire Control Insurer
Current law requires an opportunity for public notice and a hearing for proposed transactions that would result in the acquisition of control of a domestic insurer, which is one that is incorporated or formed pursuant to Colorado law. Section 1 of the bill expands the public notice for acquisition of a domestic insurer that offers health plans by requiring the commissioner of insurance to make certain information available for public inspection if the application presents prima facie evidence of a violation of the competitive standards established by law. Section 2 appropriates $9,505 from the division of insurance cash fund, which is reappropriated to the department of law for implementation of the act along with 0.1 FTE.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)