SB16-029 - Insurance Comply With Model Acts

Passed/Signed into Law
Concerning Changes To Colorado Insurance Laws Necessary To Maintain Accreditation With The National Association Of Insurance Commissioners (Naic), And, In Connection Therewith, Adopting A New Own Risk And Solvency Assessment Law (Orsa) In A Form Substantially Similar To The Naic Model And Enhancing Colorado's Insurance Holding Company System Law By Adding A Required Naic Model Provision Specifying The Insurance Commissioner's Power To Issue Subpoenas And Examine Witnesses.

In 2014, Colorado's insurance company holding systems law was amended to comply with the National Association of Insurance Commissioners' (NAIC) model law. Section 1 of the bill adds authority in this law from the NAIC model for the insurance commissioner to compel production of information because this authority was inadvertently omitted from the 2014 amendments.

Section 2 of the bill enacts the NAIC own risk and solvency assessment (ORSA) model law. This law requires the filing with the insurance commissioner of annual ORSA summary reports by insurers. The law requires insurers to maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks.

Latest update: March 18, 2016
03/18/2016 Governor Signed
03/11/2016 Sent to the Governor
03/11/2016 Signed by the Speaker of the House
03/10/2016 Signed by the President of the Senate
02/29/2016 Senate Considered House Amendments - Result was to Concur - Repass
02/26/2016 House Third Reading Passed - No Amendments
02/25/2016 House Second Reading Passed with Amendments - Committee
02/23/2016 House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole
02/10/2016 Introduced In House - Assigned to Business Affairs and Labor
02/05/2016 Senate Third Reading Passed - No Amendments
02/04/2016 Senate Second Reading Passed with Amendments - Committee
02/01/2016 Senate Committee on Business, Labor, & Technology Refer Amended - Consent Calendar to Senate Committee of the Whole
01/13/2016 Introduced In Senate - Assigned to Business, Labor, & Technology