The Division is seeking informal comments on the following DRAFT proposed emergency regulation, amended regulation, and amended bulletin related to premium rate reductions for Colorado Option health benefit plans:
The purpose of this regulation is to establish rules for the required premium reduction methodology for the Colorado Option standardized bronze, silver and gold health benefit plans to be offered by all carriers offering individual and small group health benefits plans issued or renewed on or after January 1, 2024. This regulation would replace Colorado Insurance Regulation 4-2-85, effective June 24, 2022, and amend Colorado Insurance Amended Regulation 4-2-85, which went into effect on June 15, 2023.
The Division of Insurance finds, pursuant to § 24-4-103(6)(a), C.R.S., that immediate adoption of this emergency regulation is imperatively necessary to comply with state law and compliance with the requirements of § 24-4-103, C.R.S., would be contrary to the public interests. On May 10, 2023, Governor Polis signed House Bill 23-1224 into law, which revises the definition of medical inflation found at § 10-16-1303(10), C.R.S. Carriers must file rates with the Division of Insurance for their 2024 standardized plans on June 26, 2023, and will need to report their ability to achieve their revised premium rate reduction requirements, based on this change to the law, pursuant to § 10-16-1306(2)(b), C.R.S. This emergency regulation implements the revised definition of medical inflation, per House Bill 23-1224, in order for carriers to develop and adjust their standardized plans to ensure compliance with state law for plan year 2024.
The purpose of this regulation is to establish rules for the required premium reduction methodology for the Colorado Option standardized bronze, silver and gold health benefit plans to be offered by all carriers offering individual and small group health benefits plans issued or renewed on or after January 1, 2024. This regulation is being amended to incorporate changes made to the definition of medical inflation, per the requirements of House Bill 23-1224, and incorporates the same changes at DRAFT Proposed Emergency Regulation 23-E-XX. It would become effective upon the expiration of DRAFT Proposed Emergency Regulation 22-E-XX.
The purpose of this bulletin is to provide carriers with additional guidance to comply with the premium rate reduction requirements of the Colorado Option Standardized Plans pursuant to DRAFT Proposed Emergency Regulation 23-E-XX. It is being amended to incorporate changes made to the definition of medical inflation, per the requirements of House Bill 23-1224, and in conjunction with DRAFT Proposed Emergency Regulation 23-E-XX and DRAFT Proposed Amended Regulation 4-2-85.
The Division is requesting informal comments be submitted no later than 12 PM, June 26, 2023, to DORA_INS_RulesandRecords@state.co.us.
These proposed draft regulations and 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.
Other Division emergency regulations, regulations, and bulletins currently in effect can be found via the Division's Insurance Statutes, Regulations & Bulletins website.