HB 24-1119 Summary

• All insurance premium taxes, surplus lines taxes, penalties, fines, fees, and associated filings must be submitted through a secure web-based application system identified by the Colorado Division of Insurance.

• The Insurance Commissioner may contract with qualified third parties, including the National Association of Insurance Commissioners or Florida Surplus Line Services Office, to operate multi-state filing systems that allow insurers to file taxes for multiple states on a single platform.

• Third parties may charge insurance companies a nominal fee reasonably related to the cost of collecting and transmitting filings and payments; these fees are exempt from other state tax fee limitations.

• The Commissioner is exempt from Colorado's Procurement Code when contracting for these web-based filing systems.

• The bill becomes effective for tax filings submitted on or after January 1, 2025.