HB 24-1119

House Bill 24-1119 requires insurance companies to file their taxes and other related documents through a secure online system provided by the Colorado Division of Insurance. This new system will allow companies to submit these filings for multiple states using just one web-based application, starting from January 1, 2025. The bill has been signed into law and is now effective as of March 22, 2024, meaning insurance companies should start preparing to use this new online system soon.

Official Summary

The act requires insurance premium taxes, surplus lines taxes, and other associated state-specific insurance tax filings to be filed through a secure web-based application identified by the division of insurance. The act also authorizes the commissioner of the division of insurance (commissioner) to contract with a third party to provide a secure web-based application system that allows premium taxes, surplus lines taxes, and other state-specific filings to be filed for multiple states on a single web-based application system. The commissioner is authorized to promulgate rules to implement, operate, and enforce the requirements of the act. The act applies to tax filings submitted on or after January 1, 2025. APPROVED by Governor March 22, 2024 EFFECTIVE March 22, 2024(Note: This summary applies to this bill as enacted.)

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