SB14-040 Summary

• Insurance commissioner must approve individual health benefit plans that are approved in another state if the insurer or its affiliate is authorized to transact business in Colorado and meets National Association of Insurance Commissioners actuarial standards.

• Insurers must agree that the Colorado commissioner and courts have jurisdiction over policy disputes, with contested cases subject to Colorado's State Administrative Procedure Act and resolution in Colorado courts.

• Commissioner must review provider networks and may require modifications if the insurer lacks sufficient providers in Colorado.

• Insurers must inform the commissioner whether the plan will be priced the same as in the originating state or at a Colorado-specific price.

• Authorized carriers may offer individual or small employer health plans with benefits equivalent to approved out-of-state plans, and all plans must be protected under Colorado's Life and Health Insurance Protection Association Act.