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HB24-1321

Insurance Holding Company Model Regulation

Concerning aligning the Colorado statutes with the National Association of Insurance Commissioners' financial model laws.
Session:
2024 Regular Session
Subject:
Insurance
Bill Summary

The bill updates Colorado state laws concerning insurance company holding systems to align with the National Association of Insurance Commissioners' model act. The changes include updating:

  • The registration requirements for the ultimate controlling person of each insurer by adding new filing requirements to be included with the division of insurance's (division) existing registration requirements;
  • The standards for insurance holding company transactions subject to registration with the division;
  • Language concerning the confidential treatment of documents to include proprietary and trade secret documents and materials; and
  • The regulatory tools that the division may use for the regulation of insurance holding companies.

The bill also makes technical amendments.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details