CO SB085

Division of Insurance must retain a contractor by November 1, 2021 to perform actuarial reviews of proposed legislation that imposes new health benefit mandates on health benefit plans.

Contractor shall review up to 5 legislative proposals per regular session at the request of General Assembly members; if more than 5 requests are received, the House Health and Insurance Committee and Senate Health and Human Services Committee select which proposals to review.

Each actuarial review must analyze predicted effects over 5 years following effective date, including estimates of affected residents, healthcare service utilization changes, consumer cost-sharing changes, premium increases by market type, state employee plan costs, Medicaid expenditures, employer size impacts, long-term cost savings, and potential health benefits.

Legislative service agencies must include contractor-produced information in fiscal notes for health benefit mandate proposals or indicate if no contractor review was completed.

Repeals the existing Section 10-16-103 regarding mandatory health care coverage proposal requirements and takes effect 90 days after final adjournment, subject to referendum petition.