Skip to main content
First Regular Session | 75th General Assembly
Colorado General Assembly
HB21-1063

Model Law Credit Extraterritorial Reinsurance

Type Bill
Session 2021 Regular Session
Subjects
Insurance

Concerning additional means by which credit for reinsurance may be allowed to a domestic ceding insurer.

Bill Summary:



Federal law preempts the extraterritorial application of state credit for reinsurance law but permits a state to enact reinsurance collateral reforms on an individual basis if the state is accredited. The act enacts a model law adopted by the National Association of Insurance Commissioners (NAIC), which is necessary to maintain the continued accreditation of the Colorado division of insurance with the NAIC and makes Colorado's reinsurance statutes substantially similar to those found in other states. The model law specifies the grounds upon which a domestic insurer can get credit in Colorado for reinsurance provided by an assuming insurer that is domiciled in an extraterritorial jurisdiction and thereby avoids federal preemption that would otherwise occur by 2022.

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

Prime Sponsors

Representative Susan Lontine

Representative

Susan Lontine

Senator Robert Rodriguez

Senator

Robert Rodriguez

Committees

House

Health & Insurance

Senate

Business, Labor, & Technology

Status

Became Law

Introduced

Passed

Became Law

Related Documents & Information

Date Version Documents
04/19/2021 Signed Act PDF
04/09/2021 Final Act PDF
04/05/2021 Rerevised PDF
04/01/2021 Revised PDF
03/02/2021 Reengrossed PDF
03/01/2021 Engrossed PDF
02/16/2021 Introduced PDF
Date Version Documents
07/29/2021 FN2 PDF
02/16/2021 FN1 PDF
Activity Vote Documents
Refer House Bill 21-1063 to the Committee of the Whole. The motion passed on a vote of 5-2. Vote summary
Hearing Summary
|
Committee Report:  PDF
Activity Vote Documents
Refer House Bill 21-1063 to the Committee of the Whole. The motion passed on a vote of 10-1. Vote summary
Hearing Summary
|
Committee Report:  PDF
Date Calendar Motion Vote Vote Document
04/05/2021 Third Reading BILL
24
AYE
11
NO
0
OTHER
 		Vote record
Date Calendar Motion Vote Vote Document
03/02/2021 Third Reading BILL
41
AYE
23
NO
1
OTHER
 		Vote record
Date Location Action
04/19/2021 Governor Governor Signed
04/09/2021 Governor Sent to the Governor
04/09/2021 Senate Signed by the President of the Senate
04/09/2021 House Signed by the Speaker of the House
04/05/2021 Senate Senate Third Reading Passed - No Amendments
04/01/2021 Senate Senate Second Reading Passed - No Amendments
03/29/2021 Senate Senate Committee on Business, Labor, & Technology Refer Unamended to Senate Committee of the Whole
03/04/2021 Senate Introduced In Senate - Assigned to Business, Labor, & Technology
03/02/2021 House House Third Reading Passed - No Amendments
03/01/2021 House House Second Reading Passed - No Amendments
02/24/2021 House House Committee on Health & Insurance Refer Unamended to House Committee of the Whole
02/16/2021 House Introduced In House - Assigned to Health & Insurance

Quick Links