On May 15, COL LEG passed bill to adopt NAIC financial model laws.
COL LEG passed HB 24-1321 to align COL insurance requirements with NAIC Model Insurance Holding Company (IHC) System model regulation (NAIC Model Reg 450).
Amend provisions under Part 8 of COL revised statues, COL INS 10-3-801, on IHCs.
Overview
Updates registration requirements for ultimate controlling person of each insurer by adding filing requirements to be included with COL INS existing registration rules.
Amends standards for insurance holding company transactions subject to registration.
Revises language concerning confidential treatment of documents to include proprietary and trade secret materials; amends regulatory tools available to COL INS.
Legislative History
On Feb. 20, 2024, bill introduced in House; on Mar. 11, 2024, bill passed House.
On Mar. 18, 2024, bill introduced in Senate; on Apr. 29, 2024, bill passed Senate.
On May 15, 2024, bill signed by president of senate and speaker; sent to governor.
Effectiveness
Upon approval by the governor, HB24-1321 will be effective Jan. 1, 2025, unless a referendum potential is filed within the 90-day period after adjournment.
May 25, 2024 COL LEG Governor Approval
On May 25, 2024, COL LEG reported governor approved HB24-1321 on May 24, 2024.
Regulators
COL LEG
Entity Types
IHC; Ins
Reference
PR, 5/25/2024; Bill, 5/24/2024; PR, HB24-1321, 5/15/2024; NAIC Model Reg 450; Citation: COL INS 10-3;
Functions
Compliance; Financial; Legal; Privacy; Record Retention; Registration/Licensing
