HB23-1303 Summary

• Expands the Life and Health Insurance Protection Association to cover health benefit plans and health maintenance organizations in addition to life insurance and annuities.

• Creates a new priority class for member insurer claims related to risk adjustment program payments owed by impaired or insolvent insurers, effective through June 30, 2026.

• Increases the board of directors from 5-9 members to 7-11 members and requires representation from both life/annuity insurers and health benefit plan insurers.

• Expands coverage definitions to include health benefit plans while excluding specific types of insurance (accident-only, dental, vision, Medicare supplement, disability income, liability) and structured settlement annuities.

• Adds provisions allowing the association to file for actuarially justified rate increases on policies it assumes or reissues.