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HB19-1291

Insurance Disclosures And Supervision

Concerning the supervision of insurers, and, in connection therewith, establishing certain disclosure requirements for insurers.
Session:
2019 Regular Session
Subject:
Insurance
Bill Summary

Regulation of insurance companies - corporate governance annual disclosures. The act establishes, with amendments, certain model laws of the National Association of Insurance Commissioners concerning corporate governance annual disclosures (CGADs) by insurers and insurance groups (insurers). On June 1, 2020, and on June 1 of each year thereafter, an insurer shall submit to the commissioner of insurance (commissioner) a CGAD that contains sufficient information to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework.

The act establishes confidentiality requirements for the commissioner and any third-party consultants retained by the commissioner.

The act states that any insurer that fails, without just cause, to timely file a CGAD shall pay, after notice and a hearing, a penalty of $200 for each day's delay. The maximum penalty is $25,000.

The act allows the commissioner to act as the group-wide supervisor for an internationally active insurance group or to designate or acknowledge another regulatory official as the group-wide supervisor for an internationally active insurance group that:

  • Does not have substantial insurance operations in the United States;
  • Has substantial insurance operations in the United States, but not in Colorado; or
  • Has substantial insurance operations in the United States and in Colorado, but the commissioner has determined pursuant to certain criteria that the other regulatory official is the appropriate group-wide supervisor.

The act describes certain permissible supervisory activities for the commissioner to perform while acting as a group-wide supervisor of an internationally active insurance group.


(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. J. Arndt
Sen. J. Tate, Sen. A. Williams

Sponsor

Co-sponsor

Rep. C. Hansen

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The House will meet in limited session on Thursday, April 2nd. The Senate adjourned. The Capitol will be open for the duration of the session for those with essential business related to the session. The building will not be available for public tours. People without essential business are encouraged to access the session through the General Assembly website and Colorado Channel.  Anybody with essential business related to the session will be required to practice appropriate social distancing measures.