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HB21-1063

Model Law Credit Extraterritorial Reinsurance

Concerning additional means by which credit for reinsurance may be allowed to a domestic ceding insurer.
Session:
2021 Regular Session
Subject:
Insurance
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.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type 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

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. S. Lontine
Sen. R. Rodriguez

Sponsor

Co-sponsor

Rep. M. Duran, Rep. A. Garnett, Rep. C. Kennedy, Rep. J. McCluskie, Rep. S. Woodrow

COVID-19 Resources
2021 Ballot Information Booklet (Blue Book)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.