On Apr. 14, 2025, COL INS issued notice of virtual hearing scheduled for Apr. 30, 2025, for draft proposed amended Regulation 5-4-XX; comments due by May 5, 2025.
On Feb. 7, COL INS proposed rule to set process for fee recoupment.
COL INS proposed draft regulation 5-4-XX re repayment of Fair access to insurance requirements (FAIR) fees by member insurers by establishing process for recoupment.
Process to recoup fees levied on member insurers participating in Colorado FAIR Plan.
Ensuring financial stability while maintaining transparency, fairness to policyholders.
Fee Recoupment
COL INS proposed draft new regulation 5-4-XX, to be added under COL INS 3-702-5.
Member insurers may, but are not required to, recoup fees paid to the Colorado FAIR Plan directly from their policyholders as long as payments are requested transparently.
If a member insurer elects to recoup a fees, insurer must apply a fair and equitable premium surcharge over a five year period to all policies at issuance or at renewal.
The surcharge must be disclosed on the policy’s declaration page in 12 point font.
If the average surcharge is less than 1% of premium, the member insurer may request to use a recoupment period of less than five years, subject to review by commissioner.
Consultation
Comments of draft proposed regulation are due by Feb. 14, 2025.
Apr. 1, 2025 COL INS Virtual Hearing
On Apr. 1, 2025, COL INS issued notice of Apr. 30, 2025, virtual rulemaking hearing.
Written comments in lieu of speaking, attending due by May 5, 2025; must register to attend; written comment period following the hearing will be three business days.
Apr. 14, 2025 COL INS Notice of Hearing
On Apr. 14, 2025, COL INS issued notice of virtual hearing scheduled for Apr. 30, 2025, for draft proposed amended Regulation 5-4-XX; comments due by May 5, 2025.
Regulators
COL INS
Entity Types
Ins
Reference
Nt, 4/14/2025; Nt, 4/1/2025; RF, 2/7/2025; PR, 2/6/2025; Citation: COL INS 3-702-5;
