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2005 Summary of New State Laws - Colorado

(Preliminary List of 2005 Approved/Pending Legislation)

Issue

Bill #

Bill Description

Credit Freeze

SB 137

Establishes provisions allowing consumers to place a security freeze on their consumer reports. LAW. Portions of this law are effective on June 1, 2005, July 1, 2005 and July 1, 2006.

Homeowners Insurance

SB 100

Requires homeowner insurance policies to comply with all provisions of the state's insurance laws pertaining to unfair methods of competition and deceptive acts or practices. LAW. Portions of the law effective June 6, 2005 and January 1, 2006.

Miscellaneous New Insurance Provisions

(Electronic Payment of Premium)

HB 1119

Requires P/C insurers to offer policyholders the option to pay premiums on monthly basis and to make payment via electronic transfer. LAW. Effective 12/31/05 (Unless a referendum is filed against it.)

(NonAdmitted Insurers)

HB 1297

Establishes provisions regarding exemptions for nonadmitted insurers, brokers' record-keeping, and surplus line broker policy form requirements. LAW. Effective 1/1/06.

Motor Vehicle Insurance

(Medical Payments)

HB 1250

Amends provisions regarding disclosures required to be made about medical payments coverage associated with automobile insurance. LAW. Effective Dates 7/1/05 and 1/1/06.

(Military Personal)

SB 70

Prohibits insurers from reducing or canceling coverage (except for nonpayment) refusing to issue, or renew a policy, or surcharging a newly issued or renewed policy due to an individual's failure to maintain coverage during a period in which the individual was deployed or called to active military duty. LAW. Effective 4/8/05.

Workers' Compensation

(Claims, Benefits and Authorized Treatments)

HB 1113

Increases limits limitations on permanent partial disability payments. LAW. Effective 1/1/06.

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.

Colorado State Resource Center