SB16-029 Summary

• Adds authority for the Insurance Commissioner to issue subpoenas, administer oaths, and examine witnesses to ensure insurer compliance with holding company system examination orders, with non-compliance punishable as contempt of court.

• Establishes Own Risk and Solvency Assessment (ORSA) requirements for Colorado insurers to maintain risk management frameworks and conduct annual confidential internal assessments of material risks and capital sufficiency.

• Exempts insurers from ORSA requirements if they have less than $500 million in annual direct written and unaffiliated assumed premium and their insurance group has less than $1 billion in such premium.

• Designates ORSA summary reports as confidential and privileged documents not subject to public disclosure, Colorado Open Records Act, subpoena, discovery, or use in private civil actions, except for the Commissioner's regulatory duties.

• Authorizes the Commissioner to share ORSA information with other state, federal, and international regulators and the NAIC under written confidentiality agreements, with requirements for protecting insurer information and requiring prompt notice of disclosure requests.