3B0F53131D2C5EE587258686007E69D2 Hearing Summary

Representative Lontine, bill sponsor, introduced HB21-1063. This bill updates the Credit for Reinsurance Model Act in Colorado insurance law to be consistent with the laws of other states.  The bill specifies the conditions under which a credit is allowed when reinsurance is ceded to an assuming insurer and requires the Commissioner of Insurance in the Department of Regulatory Agencies to create and publish a list of reciprocal jurisdictions and assuming insurers.  

Submitted written testimony on the bill can be found in Attachment G.

Michael Conway, Commissioner of Insurance, testified in support of the bill.

Representative Lontine provided closing remarks on the bill.