The bill requires the commissioner of insurance (commissioner) to conduct a study concerning the market for property and casualty insurance policies issued by insurers to:
- Unit owners' associations (associations) of common interest communities; and
- Owners of hotels and lodging facilities (owners).
To the extent practicable, the study must include consideration of:
- Current market conditions, including certain data; and
- The implementation of measures and programs to ensure the long-term sustainability and availability of property and casualty insurance policies issued to associations and owners.
The commissioner may contract with a third party to conduct the study. The commissioner and any third party shall engage with and seek input from insurers, consumer groups, and other interested parties.
As part of the study, the commissioner shall collect specific data from insurers. Information submitted by an insurer is subject to public inspection only to the extent allowed under the "Colorado Open Records Act". The division of insurance and any third-party contractor may not disclose trade secrets or confidential or proprietary information.
The commissioner shall prepare a report summarizing the results of the study and, on or before January 1, 2026, submit the report to the joint budget committee, to the business affairs and labor committee of the house of representatives, and to the business, labor, and technology committee of the senate.
(Note: This summary applies to this bill as introduced.)