Location: SCR 354
BILL SUMMARY for SB17-198
SENATE COMMITTEE ON BUSINESS, LABOR, & TECHNOLOGY
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10:59 AM -- SB 17-198
Senator Priola introduced Senate Bill 17-198, concerning public participation in the review by the commissioner of insurance of the acquisition of control of an insurer that offers health plans. The bill expands the public notice for the acquisition of either a domestic or foreign insurer that offers health plans in the state by requiring the Commissioner of Insurance to make the entire preacquisition notification available for public inspection promptly after filing. In addition, for foreign insurers, the bill requires the commissioner to provide public notice of the filing of an application for acquisition of control within five business days of the receipt of the initial application.
The commissioner must provide a general statement to the public about the process and procedures concerning the acquisition of a foreign insurer operating in the state, including the opportunity for public participation in public hearing or submission of written comments. The commissioner must review the impact of a proposed acquisition of a foreign insurer on competition if the transaction potentially violates competitive standards under current law. The bill gives the commissioner authority to redact specific items or proprietary information in materials provided to the public, but specifies that the insurer has the burden of proof to show that redaction is necessary.
11:09 AM -- John Conklin, Colorado Medical Society, spoke in favor of the bill. He provided a handout to the committee (Attachment A). He responded to questions from the committee.
11:20 AM -- Dr. Laird Cagan, Colorado Medical Society, spoke in favor of the bill. He responded to questions from the committee.
11:25 AM -- Mr. Conklin returned to the table to respond to questions from the committee.
11:35 AM -- Mike Conway, Division of Insurance, spoke in opposition to the bill as currently drafted. He responded to questions from the committee.
11:42 AM -- Peg Brown, Division of Insurance, responded to questions from the committee.
11:44 AM -- Sara Orrange, Colorado Association of Health Plans, spoke in opposition to the bill as drafted.
11:47 AM -- Marc Reece, AETNA, spoke in opposition to the bill. He responded to questions from the committee.
Senator Priola made closing comments on the bill. Senator Tate laid the bill over for action at a later date and the committee adjourned.