CO HB1357

Reclassifies private passenger motor vehicle insurance and homeowner's insurance as Type I kinds of insurance, requiring insurers to file rate increase requests with the Commissioner of Insurance for prior approval before implementation.

Rate filings must remain on file for 60 days and cannot be approved, disapproved, or become effective during this period except after a public hearing.

Rate filings are deemed approved automatically at 12:01 a.m. on the sixty-first day if the commissioner fails to make a determination, unless the commissioner determines a public hearing is in the public interest.

Establishes presumptions that rates are excessive if loss ratios fall below 75 percent for auto insurance or 80 percent for homeowner's insurance, which insurers may rebut at a public hearing.

Applies to insurance policies issued or renewed on or after January 1, 2023, and takes effect 90 days after final adjournment of the general assembly, subject to referendum petition.