Insurance Holding Company Model Regulation

Concerning aligning the Colorado statutes with the National Association of Insurance Commissioners' financial model laws.

The act updates Colorado state laws concerning insurance company holding systems to align with the National Association of Insurance Commissioners' model act. The changes include updating:

• The registration requirements for the ultimate controlling person of each insurer by adding new filing requirements to be included with the division of insurance's (division) existing registration requirements;
• The standards for insurance holding company transactions subject to registration with the division;
• Language concerning the confidential treatment of documents to include proprietary and trade secret documents and materials; and
• The regulatory tools that the division may use for the regulation of insurance holding companies.

The act authorizes the commissioner of insurance to adopt rules applicable to certain reinsurance arrangements. The act also makes technical amendments.

APPROVED by Governor May 24, 2024

EFFECTIVE January 1, 2025
(Note: This summary applies to this bill as enacted.)