HB 12-1215 Summary

• Amends Colorado's "Nonadmitted Insurance Act" to conform with the federal "Nonadmitted and Reinsurance Reform Act of 2010" (15 U.S.C. § 8201 et seq.)

• Adds new definitions including "affiliate," "affiliated group," "control," "federal act," "home state," "independently procured insurance," "multistate risk," and "person" to align with federal standards

• Changes terminology from "approved" to "eligible" nonadmitted insurers and requires them to meet federal eligibility requirements or qualify as insurance exchanges, Lloyds plans, or incorporated insurers under common administration

• Expands reporting and tax requirements to include persons entering into independent procurements for nonadmitted insurance, not just surplus line brokers

• Establishes new premium tax allocation procedures (Section 10-5-111.5) allowing Colorado to participate in interstate tax-sharing agreements and compacts for multistate risks, with the entire 3% tax rate presumed owed to Colorado except where agreements specify otherwise