HB 24-1060: Travel Insurance Model Act

• Implements Colorado's Travel Insurance Model Act by establishing comprehensive regulations for travel insurance products, including definitions of limited lines travel insurance producers, travel retailers, travel administrators, and travel protection plans.

• Requires limited lines travel insurance producers to be licensed and travel retailers to be registered with the state, with travel retailers limited to offering insurance on behalf of licensed producers without separate licensure.

• Expands travel insurance coverage to include emergency evacuation and repatriation of remains, and allows other personal risks related to travel as approved by the commissioner.

• Establishes sales practice requirements including mandatory disclosure of coverage details, prohibition of negative option sales, requirement that blanket travel insurance not be marketed as free, and provision of 10-15 day cancellation periods with full refunds.

• Classifies travel insurance as inland marine coverage for rate and forms filing purposes, though health-related travel insurance may alternatively be filed as accident and health insurance, requiring insurers offering such coverage to hold both property/casualty and accident/health licenses.