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A7FDE58FDC240F10872589A40063A6CB Hearing Summary


Date May 3, 2023      
Location SCR 357

HB23-1303 - Referred to the Committee of the Whole

12:08:30 PM  
Senator Hansen and Senator Roberts, co-prime bill sponsors, presented House Bill 23-1303 concerning several changes to the regulation of insurance regarding impaired or insolvent insurers including: changing the priority of distribution of insurance claims paid from an insurer's estate in the event of the insurer's liquidation. Specifically, class 1 distribution priority payments will include payments that an impaired or insolvent insurer owes to the risk adjustment program that are necessary to prevent another insurer from becoming impaired or insolvent. This adjustment is in effect through June 30, 2026. The bill also makes changes to the “Life and Health Insurance Protection Association Act” to:
· add health maintenance organizations (HMOs) as members of the Colorado Life and Health Insurance Protection Association and subject HMOs to assessments from the association;
· allocate responsibility for long-term care insurance assessments between health insurance and life insurance association members; and
· specify that the act does not provide coverage to a person who acquires rights to receive, or to a payee or beneficiary that transfers its rights in, a structured settlement factoring transaction, as defined in federal law, regardless of when the transaction occurred.

Committee members asked the bill sponsors questions.

12:20:01 PM  
Greg McCarthy, representing
Denver Health, testified in support of the bill.

Commissioner Tamara Pogue, representing CCAT and Summit County, testified
in support of the bill.

Ms. Anne Ladd, representing Peak Health Alliance, testified in support
of the bill.

Adam Fox, representing the Colorado Consumer Health Initiative, testified
in support of the bill.

Katie Wallat, representing Colorado Center on Law and Policy, testified
in support of the bill.

Committee members asked the panel questions.
12:41:28 PM  
Commissioner Michael
Conway, representing the Division of Insurance, testified in support of
the bill.

Committee members asked Commissioner Conway questions.
01:18:48 PM  
Senator Roberts provided closing remarks.
01:20:02 PM  
Committee members provided closing remarks.

01:22:49 PM
Motion Refer House Bill 23-1303 to the Committee of the Whole.
Moved Ginal
Buckner Yes
Cutter Yes
Jaquez Lewis Yes
Mullica Yes
Rich No
Smallwood No
Will Yes
Ginal Yes
Fields Yes
Final YES: 7   NO: 2   EXC: 0   ABS:  0   FINAL ACTION:  PASS

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