CO HB1025

Amends Colorado Revised Statutes 10-4-601 to expand the definition of "renewal" to allow an admitted insurance company within the same insurance group to renew a policy originally issued by a different insurer in that group.

Permits renewal of a property and casualty insurance policy by a different company within the same insurance group, rather than requiring renewal by the original issuing insurer.

Takes effect August 10, 2016, or 90 days after final adjournment of the general assembly, unless a referendum petition is filed and the measure requires voter approval in November 2016.

Applies to renewal of property and casualty insurance policies on or after the effective date of the act.