CO HB1205

FAIR Plan Association reclassified from "public" to "legal" entity, explicitly not a state department, agency, or instrumentality, with all debts and liabilities belonging solely to the association rather than the state

Association clarified as not being an insurance company, but must comply with specified insurance statutes regarding property coverage requirements

Member insurers must share expenses, income, and losses proportionally based on their premiums written compared to aggregate premiums written by all member insurers in the preceding calendar year

Immunity granted to member insurers, the association, board of directors, and insurance commissioner for actions taken in performing duties under this law

Policyholders' legal remedies against the association limited to breach of contract or breach of good faith and fair dealing, with damages capped at compensatory amounts unless fraud, malice, or willful conduct is proven