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Legislative Year: 2021 Change
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Bill Detail: HB21-1063

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Title Model Law Credit Extraterritorial Reinsurance
Status Governor Signed (04/19/2021)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
House Sponsors S. Lontine (D)
Senate Sponsors R. Rodriguez (D)
House Committee Health and Insurance
Senate Committee Business, Labor and Technology
Date Introduced 02/16/2021
Summary

Federal law preempts the extraterritorial application of state credit
for reinsurance law but permits a state to enact reinsurance collateral
reforms on an individual basis if the state is accredited. The bill enacts a
model law adopted by the National Association of Insurance
Commissioners (NAIC), which is necessary to maintain the continued

accreditation of the Colorado division of insurance with the NAIC and
makes Colorado's reinsurance statutes substantially similar to those found
in other states. The model law specifies the grounds upon which a
domestic insurer can get credit in Colorado for reinsurance provided by
an assuming insurer that is domiciled in an extraterritorial jurisdiction and
thereby avoids federal preemption that would otherwise occur by 2022.

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Fiscal Notes Fiscal Notes (07/29/2021) (most recent)  
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