HB 23-1288: Fair Access to Insurance Requirements Act

• Establishes the Fair Access to Insurance Requirements (FAIR) Plan Association as a nonprofit public entity to provide property and commercial property insurance when coverage is unavailable from admitted insurers in Colorado.

• Creates a board of directors appointed by the Governor consisting of representatives from mutual insurers, stock insurers, insurance trade organizations, insurance agents, licensed producers, and consumer advocates.

• Requires property insurance policies through the FAIR Plan to have coverage limits not exceeding $750,000 for residential property and $5 million for commercial property, with rates that are actuarially sound and not excessive or unfairly discriminatory.

• Mandates all admitted insurers writing property insurance in Colorado participate as members of the Association and permits them to assess fees against policyholders as a surcharge to cover plan expenses and losses.

• Requires applicants for FAIR Plan coverage to provide evidence of at least three declinations from other insurers and mandates the plan submit annual reports to the insurance commissioner on financial condition, policies, claims, and coverage sufficiency by April 1 each year.