CO SB040

Requires Colorado's Division of Insurance to contract with actuarial review entities by November 1, 2022, to analyze proposed legislation that imposes new health benefit mandates or eliminates existing mandates on health plans.

Limits actuarial reviews to up to six legislative proposals per regular session, with requests submitted by September 1 of the preceding year; majority and minority parties of each chamber can request reviews with leadership selecting proposals if requests exceed limits.

Requires actuarial reviews to analyze predicted effects over 5-10 years including impact on covered persons, healthcare utilization rates, premiums across individual/small group/large group markets, out-of-pocket costs, long-term costs, and health benefits; results must be disaggregated by race, ethnicity, sex, gender, and age.

Requires fiscal notes for health benefit mandate bills to reference completed actuarial reports and indicate how to obtain them; requests and reports remain confidential until the related bill is introduced or the legislative session ends.

Appropriates $100,000 for fiscal year 2022-23 ($50,000 for staffing at 0.3 FTE and $50,000 for operating expenses); sunset provision repeals the entire section effective November 1, 2027.