CO HB1063

Adds new subsection (6.5) to Colorado law allowing reinsurance credit for assuming insurers domiciled in "reciprocal jurisdictions" that meet specified financial and regulatory requirements, without requiring collateral in some cases.

Establishes reciprocal jurisdiction categories including non-U.S. jurisdictions with U.S. covered agreements, NAIC-accredited U.S. jurisdictions, and qualified jurisdictions approved by the Insurance Commissioner.

Requires assuming insurers to maintain minimum capital and surplus amounts, minimum solvency ratios, and confirm annual compliance; must provide prompt notice if falling below minimums and consent to Colorado court jurisdiction and service of process.

Mandates the Insurance Commissioner create and publish lists of reciprocal jurisdictions and eligible assuming insurers, with authority to suspend or revoke eligibility if requirements are no longer met.

Takes effect 90 days after final adjournment of the general assembly, subject to referendum petition approval by voters in November 2022 if challenged.