Jeni Arndt
Primary
Under current law, the commissioner of insurance (commissioner) is authorized to conduct financial examinations and market conduct examinations of companies engaged in the insurance business in Colorado. Financial examinations, which the commissioner conducts on every company domiciled in Colorado once every 5 years, are intended to ensure that regulated insurance companies have proper corporate governance and internal controls and are able to pay claims. Market conduct examinations are intended to ensure that regulated insurance companies are complying with applicable laws and rules and that policyholders, providers, and beneficiaries are treated equitably. Statutes pertaining to both financial examinations and market conduct examinations are intertwined and, in some cases, overlap and conflict. Because of the repeal and relocation of market conduct provisions under sections 2 through 10 of the bill, section 1 of the bill consolidates and relocates provisions that apply generally to the commissioner and the division of insurance (division) regarding confidential treatment of documents the commissioner obtains during an investigation, the subpoena powers of the division, and the commissioner's ability to contract with experts in conducting an investigation. Sections 2 through 10 separate the market conduct examination provisions from the financial examination provisions, repealing and relocating the market conduct examination provisions to a separate part and more clearly delineating the scope and functions of the 2 distinct types of examinations conducted by the commissioner. With regard to market conduct reviews, section 10 also uses the term 'market conduct surveillance' and specifies the types of activities that includes, such as market analysis, interrogatories, and market conduct examinations. Sections 11 through 16 make conforming amendments based on the repeal and relocation of the market conduct examination provisions.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Governor Signed
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
House Considered Senate Amendments - Result was to Concur - Repass
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed with Amendments - Committee, Floor
Senate Committee on State, Veterans, & Military Affairs Refer Amended to Senate Committee of the Whole
Senate Committee on State, Veterans, & Military Affairs Witness Testimony and/or Committee Discussion Only
Introduced In Senate - Assigned to State, Veterans, & Military Affairs
House Third Reading Passed - No Amendments
House Second Reading Passed with Amendments - Committee
House Committee on Business Affairs and Labor Refer Amended to House Committee of the Whole
House Committee on Business Affairs and Labor Witness Testimony and/or Committee Discussion Only
Introduced In House - Assigned to Business Affairs and Labor
| Bill Text Versions | Format |
|---|---|
| Amendment L.005 | |
| Amendment L.004 | |
| Amendment L.003 | |
| Amendment L.001 | |
| Committee Amendment | |
| PA1 (03/31/2017) | |
| PA2 (05/09/2017) | |
| Introduced (03/06/2017) | |
| Engrossed (04/03/2017) | |
| Reengrossed (04/04/2017) | |
| Revised (05/09/2017) | |
| Rerevised (05/10/2017) | |
| Final Act (05/19/2017) | |
| Signed Act (06/01/2017) |
| Document | Format |
|---|---|
| Fiscal Note FN1 (03/21/2017) | |
| Fiscal Note FN2 (09/14/2017) |
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