SB 18-065

Senate Bill 18-065 in Colorado adds Health Maintenance Organizations (HMOs) to an existing insurance protection association and requires them to pay assessments. It also divides the responsibility for long-term care insurance costs between health and life insurance members. Additionally, it mandates that insurers offering health plans in Colorado collect a fee of up to $2 per month from each customer to help cover costs if a health insurer goes bankrupt. The bill has been signed into law, meaning these changes are now official.

Official Summary

The bill amends the "Life and Health Insurance Protection Association Act" as follows: Adds health maintenance organizations (HMOs) as members of the association and subjects HMOs to assessments from the association; Allocates responsibility for long-term care insurance assessments between health insurance and life insurance association members; and Requires member insurers that write health benefit plans in Colorado to collect a fee of up to $2 per month from each certificate holder, policyholder, or contract holder for each certificate, policy, or contract the member insurer issues, to be deposited into a fund for the purpose of defraying the costs of a health insurer insolvency.(Note: This summary applies to this bill as introduced.) , Read More