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2004 Summary of New State Laws - Colorado
Issue |
Bill # |
Bill Description |
CLUE |
Restricts insurers from using certain negative factors in homeowners insurance rating and underwriting. Effective 8/4/04. Chapter 396, Laws of 2004. |
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Insurance Scoring |
Requires insurers to provide notices to applicants for homeowners insurance, requires underwriting guidelines to be filed, and prohibits cancellation or nonrenewal on the basis of inquiries made about coverage. Effective 1/1/05. Chapter 398, Laws of 2004. |
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Motor Vehicle Insurance |
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(Abandoned / Salvage Vehicles) |
HB 1062 |
Sets forth procedures for handling an abandoned motor vehicle, applicable to vehicles with appraised value of $2,000 or less. Effective 8/4/04. |
(Assignment of Benefits) |
Permits a motor vehicle insurance policyholder to assign, in writing, payments due under the policy to a licensed hospital or health care provider for services rendered to the insured that are covered under the policy. Effective 4/5/04. Chapter 72, Laws of 2004. |
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(Cancellation) |
Increases the time period in which the insurance commissioner must hold a hearing regarding a policyholder's protest of motor vehicle insurance cancellation from 30 to 45 days. Effective 7/1/04. Chapter 26, Laws of 2004. |
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(Domestic Accident Coverage) |
Requires motor vehicle collision insurance coverage to apply to an accident occurring within the U.S. or its territories or possessions and eliminates the requirement that coverage apply to accidents occurring within the Canadian provinces. Effective 1/5/04. Chapter 21, Laws of 2004. |
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(Medical Payments Coverage) |
Requires an insurer who offers med-pay coverage to offer a $5000 limit as one of its available options. Effective 7/1/04. Chapter 134, Laws of 2004. |
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(Medical Payments Coverage) |
Prohibits an auto insurer from reimbursing health care providers at different rates for the same services as well as precludes retroactive reimbursement adjustments after twelve months. Effective 1/1/05. |
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(Optional/Enhanced Coverage) |
Prevents an insurer offering motor vehicle coverage from automatically adding optional or enhanced coverages to a policy without the express consent of the insured. Effective 4/13/04. Chapter 151, Laws of 2004. |
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(Proof of Coverage) |
Requires a motor vehicle registrant to demonstate proof of motor vehicle insurance at the time of registration. Effective 2/20/04. Chapter 5, Laws of 2004. |
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(Proof of Coverage) |
Increases the fines for operating a motor vehicle on a public highway without proof of insurance. Effective 5/20/04. Chapter 237, Laws of 2004. |
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Premium Tax Credits |
Creates an insurance premium tax credit for contributions to CoverColorado by an insurance company. Effective 3/4/04. Chapter 12, Laws of 2004. |
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Premium Tax Credits |
Creates venture capital premium tax credits, with a total value of $100 million to be taken by insurance companies at a rate of up to $10 million per year for calendar years 2005 to 2014. The premium tax credit allowed to certified investors who invest in certified capital companies on or after January 1, 2004, is repealed. Effective 3/4/04. Chapter 11, Laws of 2004. |
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State Regulator Authority |
Allows the division of insurance to contract for personal services in order to perform informal examinations, excluding formal financial or market conduct examinations, where the commissioner determines the department lacks sufficient skill and expertise to perform such investigations. Effective 3/8/04. Chapter 22, Laws of 2004. |
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Tort Reform |
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(Jury Duty) |
Modifies the state's jury selection and service act. |
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Workers' Compensation |
Relates to actions for damages against the negligence of a stranger, which caused employee injury. Effective 8/4/04. |
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Workers' Compensation |
Specifies criteria for an independent contractor who performs work on a private construction site and create a civil penalty for an independent contractor's failure to provide workers' compensation coverage to all of its employees. Effective 8/4/04. Chapter 25, Laws of 2004. |
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Workers' Compensation |
Mandates that workers' compensation insurance and medical benefit rates to take effect on December 1 and applications would need to be filed by August 1. Effective 8/4/04. Chapter 124, Laws of 2004. |
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The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.
This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.
Compliance Resources
Legislative and Regulatory Information Service (LARIS)
NAMIC Survey of New State Insurance Laws
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