HB 10-1163 Summary

• Authorizes Colorado's Insurance Commissioner to enter multistate agreements allowing out-of-state health insurers to sell individual health plans in Colorado under the primary state's laws and regulations.

• Requires out-of-state issuers to demonstrate financial viability, adequate provider access for Colorado consumers, and adequate complaint handling processes before being approved to operate in the state.

• Out-of-state issuers are exempt from most Colorado insurance laws but must comply with taxes, fraud/abuse laws, unfair claims settlement practices, guaranty associations, and independent review requirements.

• Requires issuers to provide consumers a notice explaining the plan is governed by another state's laws and may not be subject to all Colorado consumer protections or mandated benefits.

• Allows individuals who relocate to Colorado to renew out-of-state plans one time; further renewals require the originating state to have a multistate agreement with Colorado.