CO SB182

Clarifies that insurers are not required to pay uninsured motorist coverage and medical benefits that together exceed the actual damages sustained in a motor vehicle accident.

Authorizes insurers to prohibit stacking uninsured motorist coverage limits from multiple policies if provisions are included in a single policy covering multiple vehicles or in multiple policies issued by one insurer or affiliated insurers under common ownership or management.

Prohibits stacking restrictions from applying to uninsured or underinsured policies issued by different companies or to separate policies covering an unrelated person.

Establishes maximum liability under uninsured motorist coverage as the lesser of the policy limits and amounts paid by a legally liable person, or the amount of damages sustained but not recovered.

Adds definitions of "underinsured motor vehicle" and "uninsured motor vehicle" to Colorado law, effective August 9, 2017, applying to events causing liability on or after the effective date.