The Division is seeking comments on the following draft proposed amended regulation and proposed new bulletin:
This regulation establishes the governance and risk management requirements for insurers that offer life insurance, private passenger automobile insurance, and/or health benefit plans that use external consumer data and information sources (ECDIS), as well as algorithms and predictive models that use ECDIS, in any insurance practice.
This regulation is being amended to update requirements for life insurers, and to expand its applicability to private passenger automobile insurers and health benefit plan insurers.
The purpose of this Bulletin is to inform health insurance carriers participating in Colorado’s state-based reinsurance program about changes to the reinsurance payment process for Plan Year 2024. Specifically, the Division of Insurance (Division) will issue preliminary reinsurance payments to carriers by January 17, 2025, based on data available to the Division as described in Section III of this Bulletin, and will issue final 2024 reinsurance payments by August 15, 2025, as required by statute. The reinsurance payment process and timeline found in Colorado Amended Insurance Regulation 4-2-77 will remain the same.
Please submit your comments on this draft proposed amended regulation and proposed new bulletin no later than 5 PM, December 13, 2024 to DORA_INS_RulesandRecords@state.co.us.
This draft proposed amended regulation and proposed new bulletin, as well as other draft regulations and bulletins currently released for informal public comment, can be found on the Division's DRAFT Regulations and Bulletins for Informal Public Comment website.