Market Conduct Examinations Insurance Companies
| Type | Bill |
|---|---|
| Session | 2017 Regular Session |
| Subjects |
Concerning a reorganization of statutes governing the authority of the commissioner of insurance to examine companies engaged in the business of insurance in this state.
Bill Summary:
Under current law, the commissioner of insurance (commissioner) is authorized to conduct financial examinations and market conduct examinations of companies engaged in the insurance business in Colorado. Financial examinations, which the commissioner conducts on every company domiciled in Colorado once every 5 years, are intended to ensure that regulated insurance companies have proper corporate governance and internal controls and are able to pay claims. Market conduct examinations are intended to ensure that regulated insurance companies are complying with applicable laws and rules and that policyholders, providers, and beneficiaries are treated equitably. Statutes pertaining to both financial examinations and market conduct examinations are intertwined and, in some cases, overlap and conflict.
Because of the repeal and relocation of market conduct provisions under sections 2 through 10 of the bill, section 1 of the bill consolidates and relocates provisions that apply generally to the commissioner and the division of insurance (division) regarding confidential treatment of documents the commissioner obtains during an investigation, the subpoena powers of the division, and the commissioner's ability to contract with experts in conducting an investigation.
Sections 2 through 10 separate the market conduct examination provisions from the financial examination provisions, repealing and relocating the market conduct examination provisions to a separate part and more clearly delineating the scope and functions of the 2 distinct types of examinations conducted by the commissioner.
With regard to market conduct reviews, section 10 also uses the term 'market conduct surveillance' and specifies the types of activities that includes, such as market analysis, interrogatories, and market conduct examinations.
Sections 11 through 16 make conforming amendments based on the repeal and relocation of the market conduct examination provisions.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.003 (Attachment A) | The motion passed without objection. | Vote summary |
| Adopt amendment L.004 (Attachment B). | The motion passed on a vote of 3-2. | Vote summary |
| Adopt amendment L.005 (Attachment C). | The motion passed on a vote of 3-2. | Vote summary |
| Refer House Bill 17-1231, as amended, to the Committee of the Whole. | The motion passed on a vote of 4-1. | Vote summary |
| Activity | Vote | Documents |
|---|
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment D). | The motion passed without objection. | Vote summary |
| Refer House Bill 17-1231, as amended, to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Activity | Vote | Documents |
|---|
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/10/2017 | Third Reading | BILL |
34
AYE
1
NO
0
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/10/2017 | Senate Amendments | REPASS |
61
AYE
4
NO
0
OTHER
|
Vote record |
| 05/10/2017 | Senate Amendments | CONCUR |
64
AYE
0
NO
1
OTHER
|
Vote record |
| 04/04/2017 | Third Reading | BILL |
59
AYE
5
NO
1
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 06/01/2017 | Governor | Governor Signed |
| 05/22/2017 | Governor | Sent to the Governor |
| 05/19/2017 | House | Signed by the Speaker of the House |
| 05/19/2017 | Senate | Signed by the President of the Senate |
| 05/10/2017 | Senate | House Considered Senate Amendments - Result was to Concur - Repass |
| 05/10/2017 | Senate | Senate Third Reading Passed - No Amendments |
| 05/09/2017 | Senate | Senate Second Reading Special Order - Passed with Amendments - Committee, Floor |
| 05/08/2017 | Senate | Senate Committee on State, Veterans, & Military Affairs Refer Amended to Senate Committee of the Whole |
| 05/04/2017 | Senate | Senate Committee on State, Veterans, & Military Affairs Witness Testimony and/or Committee Discussion Only |
| 04/21/2017 | Senate | Introduced In Senate - Assigned to State, Veterans, & Military Affairs |
| 04/04/2017 | House | House Third Reading Passed - No Amendments |
| 04/03/2017 | House | House Second Reading Passed with Amendments - Committee |
| 03/30/2017 | House | House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole |
| 03/23/2017 | House | House Committee on Business Affairs and Labor Witness Testimony and/or Committee Discussion Only |
| 03/06/2017 | House | Introduced In House - Assigned to Business Affairs and Labor |
Prime Sponsor
Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 01/01/2018 | 284 | Market Conduct Examinations Insurance Companies |