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Bill Detail: HB19-1291

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Title Insurance Disclosures And Supervision
Status Governor Signed (05/16/2019)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
House Sponsors J. Arndt (D)
Senate Sponsors A. Williams (D)
J. Tate (R)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 03/29/2019
Description

The bill establishes, with amendments, certain model laws of the
National Association of Insurance Commissioners, which laws concern
corporate governance annual disclosures (CGADs) by insurers and
insurance groups (insurers). On June 1, 2020, and on June 1 of each year
thereafter, an insurer shall submit to the commissioner of insurance

(commissioner) a CGAD that contains sufficient information to provide
the commissioner with a clear understanding of the insurer's corporate
governance structure, policies, and practices.
The bill establishes confidentiality requirements for the
commissioner and any third-party consultants retained by the
commissioner.
The bill states that any insurer that fails, without just cause, to
timely file a CGAD shall pay, after notice and a hearing, a penalty of
$200 for each day's delay. The maximum penalty is $25,000.
The bill allows the commissioner to act as the group-wide
supervisor for an internationally active insurance group or to designate or
acknowledge another regulatory official as the group-wide supervisor for
an internationally active insurance group that:
  • Does not have substantial insurance operations in the
United States;
  • Has substantial insurance operations in the United States,
but not in Colorado; or
  • Has substantial insurance operations in the United States
and in Colorado, but the commissioner has determined
pursuant to certain criteria that the other regulatory official
is the appropriate group-wide supervisor.
The bill sets forth certain permissible supervisory activities for a
group-wide supervisor of an internationally active insurance group.

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