The act makes changes to the "Colorado Standardized Health Benefit Plan Act" to require the Colorado health benefit exchange (exchange), in collaboration with the commissioner of insurance (commissioner), and after a stakeholder engagement process with consumers, producers, and insurance carriers (carriers), to develop a format for displaying the standardized health benefit plans (standardized plans) on the exchange.
The act requires carriers to file with the commissioner insurance rates for the standardized plans that comply with the premium rates specified in law for the standardized plans. The act allows the commissioner to establish uniform limits on carriers' administrative costs and profits for standardized plans.
Under the act, if a carrier is unable to offer the standardized plan at the required premium rates:
- The carrier must provide relevant information concerning the steps the carrier will take to meet the requirements, along with supporting documentation; and
- The division of insurance may hold a public hearing, pursuant to notice by the commissioner and in a manner specified by rules promulgated by the commissioner, prior to the approval of the carrier's final rates.
APPROVED by Governor May 10, 2023
EFFECTIVE May 10, 2023
(Note: This summary applies to this bill as enacted.)