HB 24-1321

House Bill 24-1321 updates Colorado’s laws for insurance company holding systems to match national standards set by the National Association of Insurance Commissioners. It adds new requirements for companies that control insurers, sets rules for certain transactions between these companies and insurers, protects confidential business information, and gives regulators more tools to oversee insurance holding companies. The bill was signed into law on May 24, 2024, and will take effect on January 1, 2025. This means that starting in the new year, insurance companies and their parent organizations operating in Colorado will need to follow these updated rules.

Official Summary

The act updates Colorado state laws concerning insurance company holding systems to align with the National Association of Insurance Commissioners' model act. The changes include updating: The registration requirements for the ultimate controlling person of each insurer by adding new filing requirements to be included with the division of insurance's (division) existing registration requirements; The standards for insurance holding company transactions subject to registration with the division; Language concerning the confidential treatment of documents to include proprietary and trade secret documents and materials; and The regulatory tools that the division may use for the regulation of insurance holding companies. The act authorizes the commissioner of insurance to adopt rules applicable to certain reinsurance arrangements. The act also makes technical amendments. APPROVED by Governor May 24, 2024 EFFECTIVE January 1, 2025(Note: This summary applies to this bill as enacted.)

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