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First Regular Session | 75th General Assembly
Colorado General Assembly
HB23-1303

Protect Against Insurers' Impairment And Insolvency

Type Bill
Session 2023 Regular Session
Subjects
Health Care & Health Insurance Insurance

Concerning protections in the event of an insurance company failure.

Bill Summary:

The act amends the priority of distribution of insurance claims paid from an insurer's estate in the event of the insurer's liquidation to include in the class 1 distribution priority payments that an impaired or insolvent insurer owes to the risk adjustment program that are necessary to prevent another insurer from becoming impaired or insolvent. This prioritization adjustment repeals on July 1, 2026.

The act also amends the "Life and Health Insurance Protection Association Act" as follows:

  • Adds health maintenance organizations (HMOs) as members of the association and subjects HMOs to assessments from the association;
  • Allocates responsibility for long-term care insurance assessments between health insurance and life insurance association members; and
  • Specifies that the "Life and Health Insurance Protection Association Act" does not provide coverage to a person that acquires rights to receive, or to a payee or beneficiary that transfers its rights in, a structured settlement factoring transaction, as defined in federal law, regardless of when the transaction occurred.
APPROVED by Governor May 15, 2023

EFFECTIVE May 15, 2023
(Note: This summary applies to this bill as enacted.)

Prime Sponsors

Representative Kyle Brown

Representative

Kyle Brown

Representative Julie McCluskie

Representative

Julie McCluskie

Senator Chris Hansen

Senator

Chris Hansen

Senator Dylan Roberts

Senator

Dylan Roberts

Committees

House

Public & Behavioral Health & Human Services

Senate

Health & Human Services

Status

Became Law

Introduced

Passed

Became Law

Related Documents & Information

Date Version Documents
05/15/2023 Signed Act PDF
05/12/2023 Final Act PDF
05/04/2023 Rerevised PDF
05/03/2023 Revised PDF
04/29/2023 Reengrossed PDF
04/26/2023 Engrossed PDF
04/20/2023 Introduced PDF
Date Version Documents
04/25/2023 PA1 PDF
Date Version Documents
07/05/2023 FN2 PDF
04/24/2023 FN1 PDF
Activity Vote Documents
Refer House Bill 23-1303 to the Committee of the Whole. The motion passed on a vote of 7-2. Vote summary
Hearing Summary
|
Committee Report:  PDF
Activity Vote Documents
Adopt amendment L.002 (Attachment A). The motion passed without objection. Vote summary
Adopt amendment L.003 (Attachment B). The motion passed on a vote of 8-3. Vote summary
Adopt amendment L.004 (Attachment C). The motion passed without objection. Vote summary
Adopt amendment L.005 (Attachment D). The motion passed without objection. Vote summary
Refer House Bill 23-1303, as amended, to the Committee of the Whole. The motion passed on a vote of 11-0. Vote summary
Hearing Summary
|
Committee Report:  PDF
Date Calendar Motion Vote Vote Document
05/04/2023 Third Reading BILL
24
AYE
11
NO
0
OTHER
 		Vote record
Date Calendar Motion Vote Vote Document
04/29/2023 Third Reading BILL
52
AYE
9
NO
4
OTHER
 		Vote record
Date Amendment Number Committee/ Floor Hearing Status Documents
04/26/2023 L.008 Second Reading Passed [**] PDF
04/25/2023 L.005 HOU Public & Behavioral Health & Human Services Passed [*] PDF
04/25/2023 L.004 HOU Public & Behavioral Health & Human Services Passed [*] PDF
04/25/2023 L.003 HOU Public & Behavioral Health & Human Services Passed [*] PDF
04/25/2023 L.002 HOU Public & Behavioral Health & Human Services Passed [*] PDF

* Amendments passed in committee are not incorporated into the measure unless adopted by the full House or Senate.

** The status of Second Reading amendments may be subsequently affected by the adoption of an amendment to the Committee of the Whole Report. Refer to the House or Senate Journal for additional information.

Date Location Action
05/15/2023 Governor Governor Signed
05/12/2023 Governor Sent to the Governor
05/12/2023 Senate Signed by the President of the Senate
05/11/2023 House Signed by the Speaker of the House
05/04/2023 Senate Senate Third Reading Passed - No Amendments
05/03/2023 Senate Senate Second Reading Special Order - Passed - No Amendments
05/03/2023 Senate Senate Committee on Health & Human Services Refer Unamended to Senate Committee of the Whole
05/01/2023 Senate Introduced In Senate - Assigned to Health & Human Services
04/29/2023 House House Third Reading Passed - No Amendments
04/27/2023 House House Third Reading Laid Over Daily - No Amendments
04/26/2023 House House Second Reading Special Order - Passed with Amendments - Committee, Floor
04/25/2023 House House Committee on Public & Behavioral Health & Human Services Refer Amended to House Committee of the Whole
04/20/2023 House Introduced In House - Assigned to Public & Behavioral Health & Human Services
Effective Date Chapter # Title Documents
05/15/2023 195 Protect Against Insurers' Impairment & Insolvency PDF

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