HB 19-1291 Summary

• Establishes annual Corporate Governance Annual Disclosure (CGAD) requirements for all Colorado-domiciled insurers beginning June 1, 2020, providing the Commissioner with summaries of corporate governance structure, policies, and practices.

• Designates CGAD documents as confidential and proprietary, prohibiting public disclosure without insurer consent while allowing the Commissioner to share with other regulators, the NAIC, and third-party consultants under strict confidentiality agreements.

• Creates penalties of $200 per day (maximum $25,000) for insurers failing to timely file required disclosures, with Commissioner authority to reduce penalties for demonstrable financial hardship.

• Establishes group-wide supervision framework for internationally active insurance groups with $50 billion in assets or $10 billion in premiums, allowing the Commissioner to designate group-wide supervisors and coordinate with other state and international regulators.

• Allows the Commissioner to retain third-party consultants (attorneys, actuaries, accountants, experts) at the insurer's expense to review CGADs and compliance, with all parties bound by the same confidentiality standards.